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Date: Tuesday 15 Jul 2008

LONDON (ShareCast) - Housing transactions have slumped to the lowest level since the Royal Institution of Chartered Surveyors started counting them in 1978.

There were just 15.3 transactions per surveyor in the three months to June, down 40% on this time last year with buyers struggling to get mortgages a major cause of the problem, RICS said.

House prices also remain heavily depressed despite the balance of surveyors reporting house price falls rather than rises rising slightly to 88% from 92.2% in May.

There were some regional differences but the downward trend was consistent. Every surveyor in the West Midlands, for instance, said prices were falling compared with 75% in London. The balance was over 90% in Yorkshire and Humberside, the East Midlands, East Anglia and the South East.

Some surveyors reported that an uptick in interest as some buy-to-let investors moved to take advantage of rising rent levels, though there were still 35% more surveyors reporting a fall in inquiries from buyers than a rise in June.

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