Figures released by the Royal Institution of Chartered Surveyors (Rics) show that property prices have continued to decline during November.
The figures measure the average sales per estate agent and show a fall to 10.6 , down from 10.9 in October. According to Rics this is the lowest level since 1978, when the survey started.
The ongoing economic crisis has made people uncertain in their jobs and as a result there have been less people willing to take mortgages unless they are downsizing. Lending remains constricted and vendors still have unrealistic expectations on sales price.
Jeremy Leaf, a spokesman for Rics, said: “Vendors still have to accept the inevitable fact that house prices are falling and re-price their property to suit current market conditions."
On a positive note those surveyed said there had been a rise in interest from buyers as prices begin to fall to more realistic levels. Those surveyed who had seen a rise in the number of buyers' enquiries outstripped by 14% those who had seen enquiries fall.
The lowest levels of sales were in London where the average sales per estate agent was seven. After London, Wales and East Anglia also performed poorly.
"The main factor that is depressing prices is the large stock of property on estate agents' books relative to the pool of able buyers rather than any surge in distressed selling," said the survey. |
