House sales remain bleak |
11 2008 |
| The Royal Institution of Chartered Surveyors (Rics) has published figures demonstrating the worst quarter for house sales on record. The three months to the end of October 2008 registered the fewest house sales per sureyor since Rics began records in 1978. An average surveyor sold just 10.9 properties in the period, while those in London sold just 6.4 in the three months. Seema Shah, property economist at Capital Economics, explained the chances of significant future house price falls: "While sharp base rate cuts may stimulate new buyer enquiries, with lending criteria tight, mortgage rates still high, and unemployment rising, we doubt this will materialise into stronger housing market activity. "As such, the rate of house price falls is unlikely to slow in the foreseeable future, and may yet accelerate." With confidence in the market at such a low many are instead choosing to rent rather than buy, as a fall in house prices could easily lead to negative equity.  |
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