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News: Home Sales Slump Further, Says RICS

Tue, 09 Dec 08

Residential property sales are at their lowest level for at least 30 years, according to the latest survey of estate agents by the Royal Institution of Chartered Surveyors.

The average sales per estate agency during the three months to November was just 10.6 which is down from 10.9 the previous month. November’s figures are also the lowest since RICS started the survey in 1978.

London estate agents have been hit hardest, managing just seven sales on average between November and September. Wales and East Anglia also performed poorly.

There has been some slight improvement in prices, but they are still plummeting. While in October 81% of agents said prices were falling rather than rising in November this figure had reduced marginally to 76.5%.

Rics spokesman Jeremy Leaf says the outlook for 2009 is still bleak.

He said: “ Unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital.

"Vendors still have to accept the inevitable fact that house prices are falling and re-price their property to suit current market conditions.”

 

See also: Asking Price Index, House Prices and Trends

By Joe Lepper

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