3-year low for UK house sales
House sales in the UK have reached their lowest level for 30 years, according to new research.
According to data from the Royal Institution of Chartered Surveyors (RICS), an average of one home per week was sold during the three month period from June to August this year.
Despite the fact that house prices continue to fall, many properties are not selling because potential buyers cannot get credit, which could signal a boost for landlords with property to rent in London and other places.
According to RICS spokesperson Jeremy Leaf, the government could help to "kick start" the market by doing more to help buyers.
"A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery," he commented.
"While money is scarce, many will continue to be denied the next step on the property ladder."
Recently, the government announced a number of measures intended to bolster the housing market, including a stamp duty holiday for properties worth £175,000 or less during the next 12 months.
Published 10th September, 2008
© 2008 Estates IT Limited
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House sales in the UK have reached their lowest level for 30 years, according to new research.