Housing market continues to falter, claims Rics
www.moneynews.co.uk > Mortgages > Housing market continues to falter, claims Rics
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Money News |
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Housing market continues to falter, claims Rics
Tue 13th Sep 2011
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According to its 2011 UK Housing Market Survey, Rics found the number of sales per surveyor fell slightly to an average of 14, meaning transaction levels fell back to June 2009 levels.
When asked why they believed sales levels continued to remain low, 70 per cent claimed lack of mortgage finance had a detrimental impact on people's attitude to buying. Some 79 per cent of professionals cited general economic insecurity.
"The risk is that the worsening economic picture will gradually begin to have a more material impact on sentiment," warned Rics' housing spokesperson Alan Collett.
He added that this could, in turn, discourage potential house purchasers "even where mortgage finance is available".
This comes in contrast to the latest report from the Council of Mortgage Lenders. Overall house lending improved by volume and value for August compared to July this year. There were 48,000 loans approved (1,000 more than July) while total mortgage value increased from £6.9 billion to £7.3 billion.
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