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Slump In House Sales Continues

Wed, 16 Jul 2008
The number of people moving home has reached its lowest level for thirty years, according to figures from the Royal Institution of Chartered Surveyors (Rics).

The organisation’s latest housing survey revealed the average number of houses sold during the three months to the end of June was just 15 per estate agent, down from 17.4 during May and the lowest level ever recorded since the organisation began compiling data for its study.

As a result of the downturn in demand, estate agents throughout the UK were left with an average of 84.1 properties on their books - over 30 per cent more than the same month last year.

Estate agents are reporting that the few wealthy buyers left in the market are now taking advantage of the downturn by managing to negotiate big discounts from people homeowners desperate to sell.

Some agents have revealed that buyers are offering up to 30 per cent below the asking price for properties which have already been reduced.

Rics chief economist Jeremy Leaf said: "With demand so low, would-be-buyers are negotiating from a position of strength. Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains."

"However, transaction levels remain incredibly low with many buyers cut out of the process by tight lending conditions," he added.

Rics also said the number of surveyors reporting a drop in house price in June was not quite as high as it was in May.
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