LONDON--House prices in the U.K. fell in May and activity in the housing market slowed, a poll of surveyors showed Tuesday. The survey, by the Royal Institute of Chartered Surveyors, also found home sales are expected to pick up in the next three months but house prices will continue to decline. RICS said in its monthly gauge of sentiment in the housing market that a majority of the 268 surveyors it polled reported a decline in prices in May, although the proportion reporting a fall was slightly lower than it was a month earlier. Its net price balance--the difference between the proportion of surveyors reporting a rise in prices and those seeing a fall--remained negative but improved to -16 from -19 in April. Economists had expected the balance to improve to -17. The poll found a slim majority of surveyors reported a fall in new buyer inquiries in May, which RICS said probably reflected the expiry of a tax break aimed at luring first-time buyers into the housing market. In April, a majority were reporting an increase in buyer inquiries. Vendor inquiries also weakened in May, a majority of survey respondents said. Activity in the U.K. housing market has been hit by a shortage of credit, higher hurdles for prospective borrowers seeking loans and economic uncertainty caused by a weak domestic economy and jitters about the sovereign debt crisis plaguing the neighboring euro zone. Underscoring the near-stagnant state of the housing market, RICS said its survey found homes are taking considerably longer to sell than they did prior to the financial crisis that took hold in 2007. In the three months to May, surveyors sold less than a quarter of homes on their books, compared with 41% during the same period five years ago. Still, a majority of surveyors said they expect sales to rise in the next three months, although the balance predicting an increase dipped to +9 from +14 in April. The balance of respondents expecting a fall in prices worsened, slipping to -24 from -18. Write to Jason Douglas at jason.douglas@dowjones.com The e-commerce company in China offers quality products such as Hydraulic Pressure Valve Manufacturer , Hydraulic Pumps And Motors Manufacturer, and more. For more , please visit Rexroth Pumps today!
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