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Economy in Brief

UK RICS Survey Shows Price Drop and Expectations Lower for Sales and Future Prices
by Robert Brusca October 11, 2007

The UK RICs survey is a net balance survey and therefore samples the breadth of gains or drops across the area and dimension surveyed. In September the net balance for prices fell to -15 from -3 in August, a sharp month-to-month drop.Both sales expectations and prices are now dropping. Price expectations are dropping as well and the reading for expectations lies below that for prices, a signal in the past that price reductions could continue for some time.

The RICs assessment for housing is quite negative. It’s the worst since late 2005 for prices and since early 2003 for sales.

RICS: House Prices and Expectations for Prices and Sales
  Sep-07 Aug-07 Jul-07 3MoAvg 6MoAVg 12MoAvg
Prices -15 -3 11 -2 9 22
Price Expectations -20 -13 -9 -14 -5 11
Sales expectations -9 -4 -6 -6 2 11
New Sales -28 -20 -17 -22 -11 -3
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