New data from the Royal Institute of Chartered Surveyors has revealed a decrease in the number of people taking out mortgages . The figures showed that each surveyor conducted an average of just 15.3 transactions each between April and June this year, representing the lowest number of home transactions since the institute was established in 1978. The figure had stood at 17.4 transactions per chartered surveyor in May.
On a slightly more positive note, the figures also suggested that property prices aren’t declining by as much as they had been previously. In May, 92 per cent more surveyors reported a fall in house prices than an increase, though that proportion had fallen to 88 per cent in June. Seven out of ten regions in the UK experienced an improvement in the number of property’s falling in price, though of the other three, the West Midlands reported a 100 per cent price decrease.
However, a spokesperson for the institute declared their optimism on the property sector's long-term prospects. Jeremy Leaf said: ‘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.’
Number of People Taking Out Home Loans Drops
Wed, 16 Jul 2008
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