Fewer homes sold in UK

News Category: Industry News

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Government statistics have revealed that property sales have dropped by more than half in the last 12 months.

This has prompted some industry groups to call on the Bank of England to introduce another cut in the cost of borrowing.

The Royal Institution of Chartered Surveyors (Rics) was among those to suggest a second sector reduction in interest rates.

According to the group, such a move could help boost consumer confidence as fears of an increase in unemployment could further impact on the housing market.

Rics commented: "There is a danger that a sharp rise in unemployment could precipitate a further round of fear on the part of buyers."

Howard Archer, an economist at Global Insight, added that the "dismal" UK housing market is being supported by largely "unfavourable" fundamentals.

He said the tight lending conditions are partly behind the current state of affairs in the property sector.

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