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House Sales Fall To Three A Month For Welsh Estate Agents

Wed, 12 Nov 2008
Estate agents in Wales are struggling for business with property sales down to an average of just three a month, according to latest figures.

New data by the Royal Institution of Chartered Surveyors (Rics), published yesterday, revealed that the country’s surveyors and estate agents in Wales each made nine sales during the last three months.

The figures worryingly fall below the UK average, which was last month reported at six sales per estate agency .

In addition, the sale to stock ratio – a key indicator of future price falls – dropped to 13.5 per cent, indicating further slumps in house values are likely.

But despite the poor house sales, the research highlighted a 2 per cent increase in buyer inquiries for October.

Commenting on the figures Rics Wales director, Cathy McClean, said: "The lack of mortgage finance is still the major blockage in the housing market."

"However, many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale."

"Sales should increase in the coming months as more sellers realise the days of house price inflation are over in the near term," she added.
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