Reluctance to buy drives estate agents' sales down

13 2008
Estate agents across the country are twiddling their thumbs as growing numbers of Brits choose to rent rather than buy a home, new figures suggest.

According to the latest figures released by the Royal Institution of Chartered Surveyors (Rics), the average UK estate agent sold just 14.4 homes in the three months to the end of July.

This represents a rate of less than five a month and comes as many professionals choose to stay out of an uncertain and declining market, with nearly 90 per cent more Rics members reporting a drop rather than a rise in house prices over the three-month period.

Commenting on the figures, Ian Perry, a spokesperson for the professional body, told Sky News: "There are signs that sales activity might pick up a little as sellers start to re-evaluate unrealistic asking prices.

"However, the current confused messages from the Government regarding stamp duty risks damaging any returning confidence and may discourage mobility."

The figures come on the back of fresh reports from Nationwide and Halifax which also pointed to falling prices, with many would-be buyers likely to take these drops as justification for their decision to stay in the rental sector. ADNFCR-1219-ID-18730209-ADNFCR

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