The housing market in the West Midlands wobbled again this month despite nearly a year of national recovery, the latest survey from the Royal Institution of Chartered Surveyors has said.
Its monthly survey said more surveyors reported a fall than a rise in house prices for the first time since July 2009 as demand from purchasers slipped back and the number of properties coming to the market continued to increase.
In the west Midlands, 34 per cent more surveyors said prices were falling than rising, a big increase on the balance last month.
Nationally, property prices as a whole fell for the first time for a year, and demand dropped significantly.
RICS West Midlands spokesman Richard Franklin said: “The fall in the RICS house price measure is broadly consistent with most other recent data that has been released. This is a reflection of both the increase in supply following the scrapping of HIPS and the more cautious stance from buyers.
“With a gentle softening of the market in the second part of the year the emphasis will be on vendor’s to price realistically to achieve a sale. When the market is falling, however slightly, the longer a property remains unsold the more overpriced it looks and the less likely a sale. The market is currently a place for pragmatists, for those with a disposition for rose-tinted views current trends suggest sitting it out.”