UK Money News
10th June 2008
Rics: Buyers deserting property market
Buyers are staying away from the UK property market in increasing numbers, new data has shown.
The Royal Institution of Chartered Surveyors (Rics) new report shows that its members sold an average of just 17.4 properties each during the three months to May.
This is down from a figure of 18.5 in the three month period to April and is the lowest recorded figure since Rics began collating the data in 1978.
Jeremy Leaf, spokesperson for the body, said: "While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy.
"The property industry will not be the only casualty in the fall out from the credit crunch, with the high street and purveyors of a range of household goods, including furniture and white goods also feeling the pinch."
Some cause for optimism also surfaced from the survey, however, with a slight improvement in the number of estate agents reporting house price falls.
Around 92.9 per cent more members reported a fall rather than a rise during May - up from 94.7 per cent in April.
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