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Agents 'selling less than 10 houses per quarter' says RICS

11 March 2009
Written by Rosalind Renshaw

Despite growing interest from potential buyers, the number of transactions per estate agency office has fallen to new lows, says the Royal Institution of Chartered Surveyors.

In its latest report this week, the RICS says that interest increased for the fourth consecutive month and is now at its highest since October 2006.

But it says that interest is not being translated into sales, which have dropped to the lowest level since the RICS began its surveys in 1978.

The number of transactions per agency over the last three months is now 9.5 – a drop from 9.8 in November.

London agents are experiencing the worst transaction levels, averaging only six properties sold per agency over the past three months.

The RICS says its members are also reporting few new instructions.

RICS spokesman Jeremy Leaf, who has an agency in north London, said: “Potential buyers continue to come through estate agency doors, but without mortgage finance, transaction levels are likely to remain close to all-time lows.

“Worryingly, the lengthy process of obtaining mortgage finance, even for those with large deposits, is contributing towards the blockage in the marketplace.”

Comments

  • icon

    As a member of RICS but selling houses these days rather than surveying them I have actually filled out their questionnaire on many occasions.
    I have to say the questions they ask are next to useless !!

    • 11 March 2009 15:53 PM
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    I assume that they are only referring to RICS members, and most agents I know aren't RICS members.

    • 11 March 2009 10:48 AM
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    Absolutely right Bob.

    How many RICS members do resi sales? If you are one of them, have a word. Your professional body has a turkey voting for Chrisdtmas approach.

    Applicants, viewings, ftb interest, new sales (that's the critical factor) all at very good levels.

    If a few months ago someone had offered me these business levels in early Spring I'd have bitten their arm off. In fact I would probably have bitten other parts of their anatomy off as well.

    Can anyone tell me why the RICS is so keen to put out negative info like this? Anyone with half a brain (which of course excludes the RICS) knows how vital confidence is and as soon as we see it returning we get this rubbish.

    • 11 March 2009 10:47 AM
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    i would love to be selling 10 houses per quarter, meanwhile back on planet earth..........

    • 11 March 2009 10:39 AM
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    complete rubbish again from rics , what do they really know about house sales !! highest interest since OCT 2006 !! what about 2007 , we had record figures with 2007 25% up on 2006 !!
    as for transactions , i assume completions not sales agreed ?? why have reports from bodies who have not been on the cutting edge for 20 years + !!

    • 11 March 2009 10:28 AM
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