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Surveyors' reports drop to new low
Published: 13/05/2008 |
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More surveyors reported falling house prices and lessening sales, new figures from the Royal Institution of Chartered Surveyors (Rics) show. In March, 79.4 per cent said prices had dropped but last month the figure reached 95.1 per cent, the most significant change since 1978. "The real issue is the collapse in the number of housing transactions," said Ian Perry from the Rics. "This has very real implications, not just for the property industry but also the high street and the wider economy." First-time buyers are finding it hard to secure mortgages and surveyors reported their sales fell to an average of 18.3 in April, the lowest since 1992. Economic difficulties have spread from major financial institutions to the high street. Sales of clothes were the lowest in April for eight years, the British Retail Consortium said.  |
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