House sales al­most halved since 2007

Yorkshire Post - Property - - PROPERTY -

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.

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