10 Jun

Housing transactions 'at lowest level since 1978'

Housing transactions 'at lowest level since 1978'

Housing transactions are now at their lowest level since 1978, according to the Royal Institution of Chartered Surveyors (RICS).

Its members reported that transactions stood at an average of 17.4 per surveyor over the past three months.

However, the organisation did report an improvement in its house price balance; although it noted that the figure remained "depressed" with 92.9 per cent more of surveyors reporting a fall than a rise in house prices.

That is a decrease from 94.7 in April, but the picture varies regionally. In East Anglia and the south-east, for example, chartered surveyors were unanimous in reporting a fall in house prices.

"While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy," RICS spokesperson Jeremy Leaf commented.

Nationwide's house price index for May reported that house prices fell by 2.5 per cent, taking the average property price in the UK to £173,585.

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