Banks' 'refusal to lend' leads to house price decline - Telegraph

Banks' 'refusal to lend' leads to house price decline - Telegraph

The latest housing survey from the Royal Institution of Chartered Surveyors found that 18 per cent more estate agents expect house prices to fall rather than rise in the next three months.

It comes as Halifax reported yesterday that house prices would continue to see a “modest decline”. Average values dropped 1.4 per cent in April to £160,000, a drop of £40,000 since the beginning of the credit crisis in August 2007, it said.

Michael Newey, a spokesman for RICS, said: “Activity still remains subdued and it is difficult to see it picking up materially over the coming months.