London worst for housing transactions, says Rics
The Royal Institution for Chartered Surveyors (RICS) has said London has been the worst-hit part of Britain for falls in housing transactions.
In September the national figures for transactions was less than one per surveyor per week, the body stated.
However, in London it has been even worse, with chartered surveyor Estate Agents averaging only eight sales over the last three months.
RICS said the fall in transactions can be attributed to a lack of mortgage finance.
In view of such circumstances many may look at the London property market and decide it is better to rent at present.
Although the government announced £37 billion of bailout money for the Royal Bank of Scotland, Lloyds TSB and HBOS yesterday, spokesperson for price comparison website moneysupermarket.com Louise Cuming suggested this help will not necessarily mean these banks providing more customer-friendly deals.
She based this comment on the fact that nationalised Northern Rock has failed to pass on last week's 0.5 per cent base rate cut in full to its standard variable mortgages, trimming the rate by just 0.15 per cent instead.
Published 14th October, 2008
© 2008 Estates IT Limited
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The Royal Institution for Chartered Surveyors (Rics) has said London has been the worst-hit part of Britain for falls in housing transactions.