House Sales Worst in 30 Years
The number of houses being sold has collapsed to its lowest level in 30 years, according to latest figures from RICS.The average number of houses sold by estate agents in the past 3 months was 17.4% lower than a year ago - almost a third lower.
Tim Edmonds, an estate agent and RICS member, said: "Transactions have virtually halted. Where sales have been agreed, it is very difficult to get them through to exchange."
This trend is reflected in our own FTI survey, showing that a sale has a 50% chace of falling through.
The report also highlights the return of 'gazundering' - the practice of buyers dropping their offer price after thay have agreed to purchase. In many cases, buyers are refusing, or unable, to hand over any money to purchase a house.
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