Rics: Slowing demand opens door to investors
Published: 15-Jul-2008
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The slowdown in demand for property is creating opportunities for investors and landlords to add to their portfolios, according to the Royal Institution of Chartered Surveyors (Rics).
Faltering demand for buying property has been borne out by the latest figures from Rics which showed that each member recorded an average of just 15.3 sales during June.
This down from 17.3 during May and is the lowest figure ever recorded by the organisation.
The slowdown has meant that each estate agent now has 84.1 properties on their books - some 31 per cent more than during June last year.
Commenting on the figures, Jeremy Leaf, chief economist at Rics, said that the worsening conditions for sellers are presenting chances for potential investors.
He explained: "With demand so low, would-be-buyers are negotiating from a position of strength.
"Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains."
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