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UK house sales slump to record low

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By John Harrington

Date: Tuesday 13 May 2008

LONDON (ShareCast) - UK house sales have slumped to their lowest level since records began while property prices have fallen for the ninth month in a row.

House sales are running at their lowest levels in thirty years, the latest survey from the Royal Institution of Chartered Surveyors (RICS) revealed.

The 282 estate agents questioned in the survey sold an average of 18.3 properties each in the period from February to April (inclusive), the lowest figures since RICS started keeping records in 1978.

The survey revealed that 95.1% of surveyors polled saw house prices fall rather than rise in April, compared with a figure of 79.4% in March. All regions of the UK are now seeing a downward trend in house prices, with sellers in Scotland finally joining the rest of the UK in seeing house values slide.

However, a RICS spokesman offered some comfort. “The scale of house price falls remains relatively small at this stage compared to past downturns,” the spokesman said.

Large numbers of distress sales have not yet appeared on the market, RICS reported.

The credit crunch continues to make it difficult for new buyers to obtain mortgages, with the trend worsening in April. The survey said 68% of surveyors polled noted a fall rather than a rise in new buyer enquiries, up from 51% in January.

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