House sales fall to a 30 year low
June 15, 2008
New figures show that the number of homes changing hands has hit a record low as house buyers are waiting to see if prices will continue to drop.
The research was done by the Royal Institution of Chartered Surveyors, who said its members had sold just 17.4 properties each in the three months to the end of May.
Reports have also said that tens of thousands of people that have 100% mortgages taken out in the past year could face negative equity.
However RICS figures show a slight decrease in surveyors reporting house price falls.
RICS say until the credit crisis hits jobs they will not expect any “significant declines” in house prices because people are not at the moment seeing “distress ” - when people are forced to sell their homes because they cannot keep up with their mortgage or because the property has been repossessed.
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