House prices saw the biggest dip since 2012 in April, led by the upper tier of the property market. Rics said a net balance of 8% of surveyors reported prices falling rather than rising, with falls in London weighing down the overall price growth reading across the UK. In the capital, a balance of 65% of surveyors saw prices fall over the month rather than rise - the weakest reading since February 2009. Nearly seven in 10 surveyors reported that sales prices were coming in below asking prices for properties valued above £1m, while 59% said sales prices were either at the same level or slightly above asking prices for properties marketed at £500,000 or less. Regionally, drops in prices were reported in the South East and South West, for the first time since May 2013; Wales, Northern Ireland and Scotland saw rises.
The Daily Telegraph (10/05/2018) The Times (10/05/2018)