Welsh house prices 'feel strain'

The number of people selling property also fell last month

House prices in Wales fell for the sixth successive month in November and at the fastest pace since May 2005, a survey has revealed.

New buyer enquiries also fell for the fourth successive month, according to the research from the Royal Institution of Chartered Surveyors (RICS).

The trend was reflected across the UK, where house prices have been falling for the past four months.

The RICS blamed the downturn on "the strain of depressed market conditions."

PICTURE ACROSS WALES Anglesey: "Buyers have the opportunity to be more selective due to the increase in stock." Llandudno: "Very slow market. Only properties below £200,000 seem to be attracting interest." Cardiff: "Offers are still forthcoming and sales are being agreed." Rhyl: "The market remains in the doldrums with first time buyers not yet cottoning on. Now is a good time to buy." Haverfordwest: "A static market due to seasonal changes. Uncertainty in the financial markets is also providing a negative effect." Lampeter: "Some properties are selling but largely due to distressed circumstances and of real necessity." Source: Royal Institution of Chartered Surveyors

The number of people selling property also fell for the fourth consecutive month, the Rics UK housing market survey showed.

In the survey, 69% of surveyors in Wales reported a fall in house prices last month, compared to 50% in October.

But the RICS Wales director Cathy McLean insisted large falls in house prices still remained unlikely.

"It is clear that the housing market continues to feel the strain of depressed market conditions," she said.

"However, while underlying economic fundamentals remain sound and the labour market remains strong, large falls in prices remain unlikely.

"Employment would have to fall sharply before enough supply entered the market to create a significant dip."

The survey showed prices fell in England, Wales and Northern Ireland, and rose only in Scotland, in November.