Rics: Buyers could be frozen out the property market
News Category: Industry News
Published: 13-Jan-2009
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The Royal Institution of Chartered Surveyors (Rics) has warned that there is a "real danger" that homebuyers could be frozen out of the property market.
Ian Perry, spokesperson for Rics, commented that transaction levels and prices could fall to new lows if the government fails to act.
"Without mortgage finance the housing market is at a standstill and transaction levels at an all time low. First-time buyers and owner-occupiers are now stuck in a market which does not fulfil their aspirations," he said.
Rics' latest housing market data reported that the average number of transactions per agency over the last three months has fallen from 10.6 in November to a current level of 10.1.
More Britons could turn to the private rented sector if they cannot gain access to mortgage finance.
Research by the Association of Residential Letting Agents this month found that one in five buy-to-let landlords expects to hold on to their properties for up to 20 years.
This promted the organisation's head of operations Ian Potter to comment that landlords are providing housing solutions for Britons affected by the current recession.
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