16 Sep

Slowed property market could be a boost for homebuyers

Slowed property market could be a boost for homebuyers

The subdued property market in the south-west of England could mean that good deals are available for those looking for property for sale in Devon.

A Royal Institution of Chartered Surveyors (RICS) Housing Market survey has revealed that economic uncertainty and a lack of mortgage finance has meant that sales are low and increasing numbers of houses are available, potentially at knockdown prices.

Sales have remained low in the region and when surveyors in the West Country were asked why this was the case, most cited general economic uncertainty, at 73 per cent, while 58 per cent blamed a lack of mortgage finance.

Roger Punch, RICS spokesman, said: "For the time being, our indicators suggest that demand for homes in the Devon and Cornwall area remain broadly steady, despite the renewed bout of economic gloom."

"Quality, correctly priced property still has a good market in the region and is often selling without undue delay."

The average number of stock on surveyors' books dropped from 58 to 52, according to the RICS survey.

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