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UK House Sales Fall To Record Low

Wed, 11 Jun 2008
The UK’s deteriorating housing market suffered a further slump in May, according to figures from the Royal Institution of Chartered Surveyors (RICS).

The latest survey of chartered surveyors revealed falls in house prices decreased slightly last month, but the average number of transactions fell further, resulting in grim times for Britain’s estate agents .

The average number of transactions carried out per surveyor over the past three months dropped to 17.4 – the lowest figure since 1978 – representing a 32 per cent decline on the same period in 2007.

RICS said the figure is evidence that house-sellers in England and Wales are struggling to achieve sales in the most hostile housing market in 30 years.

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

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

The report added that low levels of mortgage arrears and a healthy employment situation will mean that the current lack of supply of houses for sale will continue to prevent "significant declines" in UK house prices.

Chris Wood, vice president of the National Association of Estate Agents (NAEA), explained: "The picture is mixed across the country and some areas will be more affected than others, so people really need to look to their local markets to get a true picture."

"One of the key issues that have been highlighted in the report is waning consumer confidence. Undoubtedly, the reduction in mortgage availability has had a huge knock on effect and both consumers and the industry need assistance from the government and relevant bodies to help relieve these current restrictions on the mortgage market."

Meanwhile, estate agents are predicting that the profession will see 15,000 job losses by the end of this year
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