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11/11/2008
Residential housing sales "should increase" |
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The Royal Institute of Chartered Surveyors (Rics) says that expectations of a recovery in the property market over the next three months have increased.
In its UK housing market survey, Rics found that the average number of transactions per surveyor fell from 11.5 in September to 10.9 in October - which equates the lowest number per surveyor since the survey began in 1978.
However, Rics spokesperson Ian Perry said the interest rate cut last week should help to support the market.
"Fortunately, many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale," he suggested.
Mr Parry added that sales "should increase in the coming months" as more and more sellers begin to understand that greater realism in terms of asking prices is the way forward.
Affordability is improving significantly with the house price to average earnings ratio falling below five for the first time for four and a half years, according to the Halifax House price index. |
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