Rics report finds housing transactions still slipping

Posted: 11 Dec 2008 11:14:46 GMT

The number of homes sold in the past quarter has again dropped this month, it has been reported, reiterating that there will be no quick turnaround in the market.

Research conducted by the Royal Institution of Chartered Surveyors (Rics) has discovered that the average estate agent managed to sell just 10.6 homes in the past quarter.

Compared to figures unveiled in November, the results show almost a three per cent fall in the number of quarterly transactions, dropping from 10.9 homes sold in the three months before November.

Jeremy Leaf, spokesperson for Rics, explained: "Many are starting to see the current market as an opportunity to purchase a previously unaffordable property despite the worsening economic picture.

"But, unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital."

Those hoping to speed up a sale may benefit from selling their property online, which can attract a wider range of buyers than typical estate agents.

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