Housing transactions fall in face of rising buyer interest

Posted: 14 Jan 2009 09:49:02 GMT

            Property News - Housing transactions fall in face of rising buyer interest

The number of homes sold in the UK in the quarter-year leading up to December dropped to a record low, new research has revealed.

According to figures from the Royal Institution of Chartered Surveyors (Rics) published yesterday (January 13th), estate agents sold an average of 10.1 properties in the last three months.

Rics' UK housing market survey revealed that this is the lowest the figure has been for over 30 years.

Commenting on the figures, Rics spokesperson Ian Perry observed that despite the fact that "buyer interest is now at levels not seen since 2006" the difficulties people face in securing a mortgage are making it hard for them to purchase property.

He said: "Without [government] help there is a real danger that homebuyers will be frozen out of the market, transaction levels and prices will fall to new lows, repossessions will increase and negative equity will become common place."

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