UK Money News
15th July 2008
House sales 'dropped to 30-year low in June'
House sales fell to their lowest level for 30 years in June, according to the Royal Institute of Chartered Surveyors (Rics).
Rics' new survey of the market shows that estate agents sold an average of 15.3 properties during the month - down from a figure of 17 in May.
June's transaction figures are the lowest recorded by the organisation since it began keeping records.
The slowing in demand meant that the average estate agent had 84.1 unsold homes on their books.
This represents an increase of over 30 per cent compared with the total for the same month last year.
Rics did however uncover some heartening news for the property sector, with 88 per cent surveyors reported a fall in June compared with those who saw a rise.
This marks an improvement from May when 92 per cent more experienced falls.
Jeremy Leaf, chief economist at Rics, said: "With demand so low, would-be-buyers are negotiating from a position of strength. Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains.
"However, transaction levels remain incredibly low with many buyers cut out of the process by tight lending conditions."
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