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News: Home Buyer Interest Fails To Boost Sales

Tue, 10 Feb 09

A growing interest among potential home buyers is not being converted into sales, according to latest figures from the Royal Institution of Chartered Surveyors.

RICS latest survey of estate agents reports that the number of enquiries from potential buyers rose in January for the third month in a row.

But despite this the number of sales per estate agency fell slightly in January, to just 9.9 over a three-month period, compared to 10 the previous month.

Also this latest interest from buyers is failing to halt the slide in prices. The proportion of RICS members reporting a fall rather than a rise in prices was 76.3% in January, an increase of 2.4% compared to December’s survey.

Nevertheless estate agents are optimistic that buyer interest will soon be converted into sales, with 10% more surveyors expecting sales to pick up in January compared to the previous month.

"The latest cut in interest rates may improve confidence for those on the margins, encouraging buyers looking for more attractive finance deals," said Rics spokesperson Jeremy Leaf.

The latest survey also shows a dip in properties on estate agents books. The average stock fell from 77.9 in December to 75.4 in January. RICS says the main factor is sellers turning to the rental market in the hope that prices will pick up at a later date.

 

By Joe Lepper

See also  - House Price Indices

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