(1888PressRelease)
November 21, 2008 - London, Average property sales completed per RICS member fell to just 10.9 for the three months through October, the lowest level since the survey started in 1978.
However, the group was optimistic about the future with 20% more expecting sales to pick up in the next three months. Sales are expected to go up with many sellers dropping their asking prices.
"Fortunately many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale.” said RICS spokesperson Ian Perry. He added that the optimism could also be driven by an expectation of an increase in the number of homes being repossessed.
"The general lack of mortgage finance remains a major blockage in the housing market for a large majority of would-be buyers,” he added.
Even as the Bank of England lowered borrowing costs by 1.5 percentage point to 3 percent, stricter lending criteria are making it difficult for buyers to get access to finance.
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