Housing sales have fallen to a new low, say surveyors, with expectations the reform package unveiled by ministers last week will do little to alleviate the crisis.
The RICS will say today that the average number of transactions per surveyor fell further in August owing to the lack of mortgage finance.
There were fewer than 13 transactions per surveyor on average over the past three months, the lowest figure since the RICS survey began, with agents in several regions reporting fewer than one sale per week. The areas of weakest sales included London, Wales and across southern England.
The sharp fall in sales has been putting agents out of business, with Rightmove, the property website, saying more than 1,300 offices went bust in the first six months of the year.
Financial Times, Daily Telegraph