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House-price falls are gathering momentum and are spreading across the UK, according to a monthly poll of surveyors which on Monday delivered its gloomiest reading for nearly 12 years.
Fifty-six per cent of surveyors contacted by the Royal Institution of Chartered Surveyors reported price falls in the three months to October. Only 3 per cent saw prices rise in their area, compared with 58 per cent as recently as May.
There was further evidence of slowing activity in the property market as the number of sales per surveyor dived to a nine-year low. Unsold stock on agents’ books has increased 10 per cent since the summer. Ian Perry, Rics’ national housing spokesman, said it was now very clear that buyers were unsettled by higher interest rates.
The Bank of England raised rates five times to 4.75 per cent over the last year to cool the property boom.
But he also blamed comments by Mervyn King, the Bank’s governor,
A. the house-price falls may continue for a while.
B. people's uncertainty about the market is ungrounded.
C. there was always exception to the rule of rising prices.
D. people are certainly ready to buy more than befor

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