House sales sink to record lows but enquiries rising fast

House sales sink to record lows but enquiries rising fast


Although the latest survey from Rics has revealed that property sales in the last three months have fallen to their lowest level since records began in 1978, enquiries from new buyers are increasing sharply. 

Between December and January, Rics stated that just nine houses were sold per surveyor.


However, enquiries have been steadily rising over the last four months, especially in London, Wales and the South West, which experts have put down to the continued interest rate cuts and falling property prices.


Property experts have said that the large deposits required by cautious banks, the troubled state of the economy and the lack of consumer confidence would keep housing market activity at an all time low.   


Surveyors also said that the housing market hadn’t bottomed out yet, expecting prices to keep falling.


The National Housing Federation has also stated that the number of new homes built in the UK over the next year could plunge by 50%.


Ruth Davison, the director of the National Housing Federation has said: “After years of boom, the house building industry is lurching towards bust.” 

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