U.K. Surveyors Say Home Prices Dropped Sharply in December
- Jan 18, 2008
London–British property prices haven’t declined at their current rate since the early 1990s, according to the Royal Institute of Chartered Surveyors (RICS).Data from the group showed that 49.1 percent more chartered surveyors recorded a drop in home prices in December–the sharpest increase since November 1992, Forbes.com reports. In November, 40.6 percent more surveyors reported a home price decrease.London’s traditionally strong housing market also saw severe declines starting in December. In addition, the RICS said 25 percent more surveyors saw a drop in buyer inquiries.RICS data is an indicator of future home prices and is closely watched by the Bank of England, increasing speculation that the central bank will cut interest rates from 5.5 percent to 5.25 percent at its February meeting.