Rics: Spring selling hit by lack of mortgage availability

| June 14, 2011 | 0 Comments

The Royal Institution of Chartered Surveyors (Rics) has today reported that the traditional spring selling season has been hit by a lack of mortgage finance and economic uncertainty.

This time of year is traditionally busy for the housing market but securing a mortgage remains difficult for many potential buyers – particularly first-time buyers.

Furthermore, the economic uncertainty means the housing market is expected to remain subdued for some time.

The Rics survey found that house prices fell in May at their fastest pace since January due to a lack of interest from prospective buyers and a fall in the number of agreed sales.

Furthermore, the supply of homes on the market continued to grow but with a lack of interest from buyers, the housing market is expected to remain in the doldrums for the remainder of the year.

Commenting on the survey, Ian Perry of the Rics said: “Buyer interest in purchasing property remains flat across much of the country and there is little sign of this changing any time soon.

“Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand,” he added.

Finally, Rics said the number of sales per agent between March and May was 14.7 on average, the poorest figure since January.

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