Price of houses in England and Wales are likely to suffer and have fallen to its lowest since May, 2009. A survey held by the Royal Institution of Chartered Surveyors stated.
Royal Institution of Chartered Surveyors showed that price index levels fell to -32 from -8, which has been the biggest fall in the past two years. The results, which have shown up, have presented a gloomy picture of housing for the future.
On the contradictory Halifax has indicated a rise in house prices, though Nationwide has stated that this is the biggest fall in house prices since the month of February. British housing market has been the biggest indicator of the health of the English economy and this has just shown the scenario of the industry at this point of time.
The survey has somehow indicated that the rise in the price of housing in England is going to come to an end. RICS further expressed the reason of the fall in the prices to be indicated by the fall of perpetual house buyers in England and the increase in availability of housing in England.
If English housing business is kept as a criterion, to depict the health of the English economy, then the indication for the economy seems to exhibit a gloomy picture for the rest of the year to come.