Housing transactions reach all-time low
In more bad news from the property market, new figures from the Royal Institution of Chartered Surveyors (RICS) show that housing transactions are at an all-time low.
The industry group found that surveyors recorded on average just 15.3 home sales last month - the lowest figures ever recorded and a significant dip on the 17.4 witnessed in May.
As a consequence of the stagnating market, London Estate Agents have reported a significant rise in the number of properties on their books, up 34.1 per cent nationally to an average of 84.1.
RICS chief economist Jeremy Leaf explained that some would interpret the news as meaning the market has swung in favour of buyers, but he urged against rushing into the volatile sector.
"With demand so low, would-be buyers are negotiating from a position of strength," he began. "However, transaction levels remain incredibly low, with many buyers cut out of the process by tight lending conditions."
New buyer enquiries reportedly fell at the slowest pace for London property, with demand for prime dwellings in areas such as the City of Westminster continuing to prop up demand.
Published 15th July, 2008
© 2008 Estates IT Limited
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In more bad news from the property market, new figures from the Royal Institution of Chartered Surveyors (Rics) show that housing transactions are at an all-time low.