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Slump In Property Sales Continues

Wed, 11 Mar 2009
UK property sales hit the lowest level on record in February, as potential buyers continued to struggle in securing mortgage finance, the Royal Institution of Chartered Surveyors (Rics) has revealed.

The organisation's latest housing market figures show the average number of transactions per estate agent fell from 9.8 in the three months to November, to 9.5 in the three months to the end of February - the lowest figure recorded since the company began compiling data in 1978.

Estate agents in London have been hit the hardest, averaging just two sales a month between December and the end of February, according to the data.

The slump in transactions comes despite interest from home buyers rising for the fourth consecutive month, with buyer enquiries in the capital reaching the highest point since October 2006.

Rics spokesman Jeremy Leaf said: "The government must provide guarantees for the new issuance of residential mortgage backed securities to help first-time buyers in particular and give the market much needed impetus."

"Without further intervention the housing market will continue to stagnate and the opportunity to take advantage of this renewed interest could be lost which will inevitably have serious implications for the wider economy," he added.
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