House prices in Wales stalled in October with property professionals reporting that prices will fall over the next three months. Surveyors in Wales are less positive about house prices than they were, according to the October 2022 RICS residential market survey.
Recently, house prices have been propped up by a lack of supply on the market, with the net balance of 9% showing that this has been the case in the three months to September. However, the data is less positive than it has been with house price growth easing since April 2022 (it was a net balance of 93% six months ago).
The survey found that a net balance of -29% of property professionals in Wales anticipate house prices falling over the next three months, down from -16%. In addition to a slowdown in house price growth, surveyors also reported a further decline in buyer demand and agreed sales last month.
