August house market 'remained subdued'

Posted: 13 Sep 2011 14:35:24 GMT

Economic uncertainty played a role in the house market remaining slow in August.

The house market in the UK remained largely subdued in August as a result of a lack of mortgage finance and continued uncertainty regarding the wider economy.

New research from the Royal Institute of Chartered Surveyors (Rics) - through its UK Housing Market survey - has shown the number of sales per surveyor over the three months leading to August tumbled to an average of 14.

In addition, average stocks on surveyors' books slipped back to 67, after having stood at 70 in July.

Alan Collett, housing spokesman at Rics - which was founded in London in 1868 - said: "For the time being, our indicators suggest that demand for homes remain broadly steady, albeit at relatively low levels, despite the renewed bout of economic gloom."

The industry figure added there remains a risk that fears over the stability of the economy at present might result in more people refraining from completing property purchases.
 

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