House sales at lowest level for 30 years

| July 15, 2008 | 0 Comments
House sales at lowest level for 30 years

The Royal Institution of Chartered Surveyors (Rics) has reported that house sales fell to their lowest level in 30 years in the three months to the end of June.

Rics members said that they sold an average of 15 properties during the period, almost 40% below the figure for the same period of 2007.

According to the Institution’s spokesman, Jeremy Leaf, transaction levels remain incredibly low because tight lending conditions are excluding many potential purchasers from the market.

As a result, in June, 35% more surveyors reported falls rather than rises in buyer enquiries in England and Wales, and 14% more surveyors reported falls in Scotland.

Meanwhile, the balance of surveyors reporting house price falls rather than rises stood at 88% in June, down from 92.2% in May.

On a regional basis, surveyors in the West Midlands agreed 100% that prices were falling, while over 90% more said prices continued to fall rather than rise in Yorkshire and Humberside, the East Midlands, East Anglia and the South East.

In London, 75% more surveyors reported price falls than rises.

The report was positive about repossessions, suggesting that strong employment levels are preventing repossessed homes being sold in large numbers.

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