New Property Market Report Published by RICS

Demand for UK property remained weak but stable in August, suggest the latest report published by the Royal Institution of Chartered Surveyors.

Survey of UK property agencies carried out by the Royal Institution of Chartered Surveyors (RICS) revealed that the sales on the British housing market fell to 2-year low.

According to RICS, only 14 properties were sold per estate agent. Such figures were last seen in August 2009. They survey of estate agents showed that most of them (70%) blame the decrease in market activity on the lack of mortgage financing and negative equity that many homes have fallen into.

However, despite all the bad news, experts at the Royal Institution of Chartered Surveyors are determined that the UK property market has seen stable, although weak, demand for the first time in many months. The number of new buyer enquires only fell by 3% in August, says RICS.

Commenting on the findings, Alan Collett of RICS said that “for the time being, our indicators suggest that demand for homes remain broadly steady, albeit at relatively low levels, despite the renewed bout of economic gloom.”

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