House prices and sales expected to 'fall' in next quarter

A woman looking at properties in an estate agent
Image caption The stamp duty holiday was introduced in 2010 to help first time buyers

House prices and sales in Wales are expected to fall over the coming quarter, according to a new survey.

The Royal Institute of Chartered Surveyors (Rics) says demand in the market held firm in March as some first-time buyers looked to beat the stamp-duty holiday.

The exemption on paying 1% tax on properties worth between £125,000 and £250,000 has now ended.

The flow of new properties coming onto the Welsh market remained stable.

Rics said new buyer inquires in Wales continued to rise with 4% more surveyors reporting increases rather than decreases in demand.

But it said prices continued to edge downwards across Wales, albeit at a slower pace than in recent months - a trend expected to continue.

It said 19% more surveyors reported falls rather than rises in prices, representing the least negative reading since January 2011, but sales are expected to decrease over the next three months.

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