Transactions hit 30-year low

10 2008
The Royal Institution of Chartered Surveyors (RICS) has today (June 10th) fuelled fears about the state of the housing market by confirming that transactions are at their lowest point since 1978.

In news which supports the view that renting represents a safer bet in the current economic downturn, RICS released data showing that the most recent low of 2005 has been surpassed.

Over the past three months, the average number of transactions per surveyor has fallen to 17.4, having been recorded at 18.5 in April.

RICS spokesman Jeremy Leaf said: "While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy.

"The property industry will not be the only casualty in the fall out from the credit crunch, with the high street and purveyors of a range of household goods, including furniture and white goods also feeling the pinch."

First-time buyer levels are also said to still be comfortably below normal, according to RICS, while the regional picture remains gloomy, with all surveyors in East Anglia and the south-east reporting price falls.

During the previous house crash of the early 1990s, the average number of transactions per surveyor briefly fell to 11.4 at its lowest point.



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