House sales drop yet again |
14 2008 |
| The Royal Institution of Chartered Surveyors (Rics) has released figures showing that the number of homes sold last month hit a 30-year low, it has been reported. Rics stated that the average surveyor sold just one property per week throughout the month, making September 2008 the worst in three decades. It was suggested by Rics spokesman Jeremy Leaf in a BBC report that the restrictions on lending were to blame, hinting that there is still demand for property. "As it stands, only those with significant finances are in a position to access the market," Mr Leaf said. "The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come." Research from Paragon Mortgages, however, shows that the demand for rental property has risen as a result of the credit crunch as more people seek to stay in rented accommodation while house prices continue to fall.  |
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