Fewer people are buying houses, figures suggest
News Category: Industry News
Published: 10-Jun-2008
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The number of housing transactions fell during May, according to figures from the Royal Institute of Chartered Surveyors (Rics).
This could signal a greater demand for residential lettings which is likely to come as welcome news for struggling landlords.
The average number of transactions per surveyor has reached its lowest level since 1978 and now lies at 17.4.
Rics spokesperson Jeremy Leaf warned landlords and homeowners that the weakening market still poses a "real danger to the wider economy".
He remarked that retail outlets are likely see a fall in sales, while construction workers could see their job opportunities drying up, which may add further pressure to the lettings sector.
However, just below two per cent fewer surveyors reported house price falls in May, down from 94.7 per cent in April.
Some 18 per cent fewer surveyors reported a fall in buyer enquiries over the same period.
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