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House sales 'are still falling'

Property sales fell even further in November, according to the latest survey from the Royal Institution of Chartered Surveyors (Rics).

The number of sales per estate agency fell during the three months to November to 10.6, down from the 10.9 sales per agency reported a month ago.

Rics said this was the lowest level since its survey started in 1978.

Sales have slumped by more than half this year due to the credit crisis, driving down prices as a result.

"Many are starting to see the current market as an opportunity to purchase a previously unaffordable property despite the worsening economic picture," said Rics spokesman Jeremy Leaf.

"But, unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital."

"Vendors still have to accept the inevitable fact that house prices are falling and re-price their property to suit current market conditions," he added.

Interested buyers

Rics suggested there were some shafts of light in the gloom in its latest survey of the UK housing market.

 

Its members said interest among potential buyers had risen for the seventh month in a row and was now positive for the first time since October 2006.

Those chartered surveyors who had seen a rise in the number of buyers' enquiries now outstripped by 14% those who had seen enquiries fall.

"The rise in interest reflects both the drop in asking prices and recent cuts in interest rates," said Rics.

Depressed prices

The lowest level of sales in the past three months has been in London, with just seven per estate agent, followed by Wales and East Anglia.

And with sales still slumping there has been a continued downward pressure on prices.

Rics found that 76.5% more of its members had seen prices fall locally than rise, only slightly better than the previous months' negative balance of 81%.

"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.

Commercial property slump

The survey comes the day after Rics forecast that the value of commercial property would drop by 50% from its peak in June 2007 to its trough.

The accelerating decline of rents would cause capital values to fall by 16% in 2009 and 10% in 2010, the group predicted.

It said that capital values in the office sector would be hardest hit, predicting another 30% to 35% drop which would push the total decline to 60%.

Demand for office space is being hit by job cuts in the banking, finance and insurance sectors, Rics said.

There was also becoming less call for warehouse space as consumers were buying fewer "big ticket" items as the housing slump continued.

"We are only halfway through the price correction in the commercial property market," said Rics senior economist Oliver Gilmartin.

He said that low interest rates and recovering global growth would help see the downturn start to reverse in 2011.

Story from BBC NEWS: http://news.bbc.co.uk/

Published: 2008/12/09 00:01:38 GMT

Print   2008-12-09