House sales almost halved since 2007
HOUSE sales across the UK are almost 40 per cent lower than five years ago at the peak of the property boom.
The Royal Institution of Chartered Surveyors says that in May, the average number of completed sales per estate agency branch was 15.6, which is down from 25.4 in May 2007.
The RICS survey also reveals that homes are taking longer to sell. During the three months to May, RICS agents sold 23.1 per cent of the homes on their books. In 2007, it was 40 per cent.
Peter Bolton King, RICS housing spokesperson, said that economic instability and the reluctance of many banks to offer affordable mortgage products has created a stagnant market.