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Tuesday, 11 November 2008

Home Sales at 30 year Low

RICS has reported that house sales are at a 30 year low, stiffled by the lack of mortgage availability. Home loans for purchases fell by another 15% in September compared with August, 57% lower than last September.

The average number of completed house sales per RICS member fell to 10.9 in the last quarter, the lowest level since figures were first compiled in 1978.

This impacted house prices with 84% of RICS members reporting a fall in prices in the last quarter, with just 2% recroding a rise.

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