New data released by the Royal Institute of Chartered Surveyors has shown a further fall in house sales with estate agents reporting sales at an average of 14.4 properties during the last three months, the lowest level since June 2009.
RICS says that those in a position to buy are hesitating due to fears about an interest rate rise and general unease about the economy, while a lack of affordable mortgages is affecting the number of first-time buyers with most waiting in rented accommodation.
Estate agents also say that too many buyers are asking inflated prices for their properties and they have to be more realistic to expect a quick sale. Neil Foster, an RICS member, said: “New buyers are entering the fray but with little to excite their interest, transactions remain sluggish. Vendors still need to adjust their sights in terms of price.”
