Rics: Thousands face negative equity

The Royal Institution of Chartered Surveyors (RICS) has renewed its warning that thousands of homeowners face the prospect of negative equity.

House prices have now fallen for eight consecutive months, according to Hometrack - and even with dwindling loan-to-value ratios RICS is cautioning that owner occupiers will see the size of their mortgage exceeding the value of their property.

The warning comes as new data from the Council of Mortgage Lenders confirms that the housing market is continuing its downward spiral, with the number of transactions reaching a 30-year low in May.

Commenting on the worsening situation, Michael Saunders, head economist at Citigroup, told the BBC that he now expects house prices to fall 15 per cent in 2008, having already dipped by six per cent in the past five months.

If accurate, the devaluation effectively means thousands of new homeowners have thrown money down the drain, in turn prompting prospective homeowners to steer clear of the market and focus on property to rent in London instead.

Published 12th June, 2008

© 2008 Estates IT Limited

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The Royal Institution of Chartered Surveyors (Rics) has renewed its warning that thousands of homeowners face the prospect of negative equity.

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