The RICS has reported a drop in house sales and falling prices during July.
The RICS said that 5% more surveyors reported falls in buyer interest than reported rises in demand, while the number of homes coming on to the market continued to fall.
The average number of sales per surveyor during July was 15.1. Despite the introduction of the Government’s NewBuy initiative, activity has continued to fall away after a stronger start to the year, said the RICS.
The body also said that 24% more surveyors reported falls rather than rises in prices. This reading has now been in negative territory for two years.
Peter Bolton King, RICS global residential director, said: “Fewer sellers are putting their homes up for sale and the ongoing problem of accessing affordable finance is not helping.
“If vendors want to sell their homes quickly, they will have to be realistic in their price expectations.”
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Comments
Stop Press: Bungalow prices are on the up!
who cares? other than you 2?
Interesting comment from the full report:
Mark John Hunter MRICS, Grice and Hunter, Doncaster - If we can set the price there are sales to be achieved (about 70% of what we sell is vacant). Even after 5 years of recession the market remains over supplied with far too much property that is vastly over priced. No other business would continue to offer stock over this period of time that was failing to sell. This is a fundamental flaw in estate agency and it is therefore not surprising that many are suffering ongoing financial difficulties.
I found out with some local research that the market is on the up so is the RICS talking out of the wrong end?
Caveat Emptor
"House prices set to carry on downwards, says RICS"
Is this being conveyed to those who are purchasing from RICS agents this month?