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Housing slump finally easing, say surveyors

A new study by chartered surveyors across the region is reporting signs that the fall in house prices is slowing down.

Chartered surveyors in Devon and Cornwall say the market may be over the worst of the slump, despite prices continuing to fall.

The number of surveyors reporting a fall in prices dropped by 5 per cent in May, compared to April.

It has led one property dealer to claim a “modest level of optimism” is returning to the market

The number of surveyors in Devon and Cornwall reporting a price fall dropped slightly in May to 76 per cent – down 5 per cent from April.

A further 24 per cent of surveyors stated that prices have remained the same and those reporting a price rise increased slightly from 3 per cent to 4 per cent last month.

The figures come from the Royal Institute of Chartered Surveyors' (RICS) UK housing market survey.

Other housing surveys from mortgage lenders have reported a steady fall in prices since last September, and estate agents in the region say prices are falling at around 1 or 2 per cent a month. But while the overall picture of the market is depressed, some chartered surveyors are bullish about the latest figures.

Roger Punch, RICS South West spokesman from Stags in Plymouth, said: “The last month has not been quite as negative for the Devon and Cornwall housing market as some statistics have shown. Sales have been at a slightly improved level for some more individual properties, and a modest level of optimism has come back to some parts of the market.

The RICS says the economy is standing up well to the pressures facing the housing market. High employment levels and relatively low inflation have stopped large- scale repossessions.

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