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
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
The Royal Institution for Chartered Surveyors (Rics) has said London has been the worst-hit part of Britain for falls in housing transactions.