UK house prices continue to fall - Rics

UK house prices were expected to continue falling but property surveyors expect the market to stabilise over the next year as borrowing costs ease, according to data released on Thursday.

The Royal Institution of Chartered Surveyors (Rics) said its house price net balance - which measures the difference between the percentage of surveyors seeing rises and falls in house prices - fell to -43 last month, up from -47 in February.

"The overall tone of the feedback received from respondents ... is still one of caution towards the sales market, which is reflected in both the headline price and activity indicators," Simon Rubinsohn, RICS's chief economist, said.

"There is also a sense that the medium-term outlook is looking a little more settled, helped by the perception that the interest rate cycle may be near the peak."

Reporting by Frank Prenesti for Sharecast.com