Property sales are yet to pick up despite evidence of renewed interest from prospective buyers in the UK market following house price falls and successive interest rate cuts, new research shows.
Latest figures from the Royal Institution of Chartered Surveyors (RICS) reveal that buyer inquiries rose for the third consecutive month during January, with 16 per cent more surveyors reporting an increase in potential buyers than a decline.
Yet at the same time, the average number of property transactions per estate agent fell to 9.9 last month - the lowest level on record - from an average of 10 during December.
RICS spokesperson Jeremy Leaf said the latest figures "provides further evidence" that potential buyers are looking to "pick up bargains".
He added: "This interest has yet to translate into sales but transactions may pick up in the coming months if the Government follows through on its recent announcement and introduces guarantees for the issuance of residential mortgage backed securities.
"The latest cut in interest rates may improve confidence for those on the margins, encouraging buyers looking for more attractive finance deals."
According to figures from Nationwide, the average UK house price fell by 1.3 per cent in January to £150,501.
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Increased Buyer Interest Failing To Boost Property Sales Wed, 11 Feb 2009
     Recommended linksYour online estate agents portalProperty for sale online search UK surveyors search Estate agents UK directory Property guides Online Property Manager Property Sales Hit Record Low Despite Growing Enquiries Increase In Property Enquiries Reported First-Time Buyers Returning To Housing Market Mortgage deals and quote form |
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