London property sales continue to fall
The London housing market is continuing to struggle as finance remains restricted, a study has shown.
According to the Royal Institution of Chartered Surveyors (RICS), the capital has seen the least number of sales per Estate Agent over the last three months compared to all other areas.
The body's UK housing market survey found that the average number of transactions across the country as a whole was 10.9 - its lowest point since the survey began 30 years ago.
And in London, the figure dropped to just six sales per chartered surveyor.
RICS spokesperson Ian Perry explained that buyers are unable to enter the market because they cannot obtain credit.
"The general lack of mortgage finance remains a major blockage in the housing market for a large majority of would-be buyers," he said.
RICS' findings may prompt some consumers to rent instead, as the difficulty in securing a mortgage would not affect them.
This week moneysupermarket.com noted that many lenders had withdrawn mortgage products from the market in light of interest rate cuts by the Bank of England.
Published 11th November, 2008
© 2008 Estates IT Limited
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The London housing market is continuing to struggle as finance remains restricted, a study has shown.