House prices declined at fastest rate since 2009 in August – surveyors

Sign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. A net balance of 68% of property professionals reported house prices falling rather than rising, marking the most negative reading since 2009, according to Rics, which pointed to the impact of high mortgage rates. The yawning gap with rental supply is clearly visible in the Rics rent expectations indicator Simon Rubinsohn, Royal Institution of Chartered Surveyors A net balance of 47% of surveyors reported sales falling rather than rising, marking the weakest reading since the depths of the coronavirus pandemic. More renters looking to share accommodation could well support rental growth into 2024 with no end in sight for the shortage of homes for rent Richard Donnell, Zoopla This compares with an average of 27.2% over the past 10 years and is due to the growth in rents for new lets continuing to outpace UK wage growth, the website said. Executive director Richard Donnell said: “The rented sector is stuck in a seemingly endless cycle of low supply and strong demand… More renters looking to share accommodation could well support rental growth into 2024 with no end in sight for the shortage of homes for rent.”