Less than one transaction per week pinches surveyors bitterly

Posted under General by Michael

According to the data from the Royal Institute of Chartered Surveyors (Rics), a surveyor could only manage an average of less than one transaction per week in the month of September.

The findings were published in Rics’ market survey of the UK properties. It highlighted that potential buyers were refraining from entering the market due to lack of mortgage deals. According to its spokesman Jeremy Leaf, a number of mortgage deals are expected to increase after the announcement of a rescue package by the government for the UK banks.

Leaf further added that the recent financial market turmoil has shattered buyers’ confidence but the government’s move to re-capitalise Banks would improve lending prospects for the house owners. This might ease mortgage financing which has been damaging the housing market severely.

The survey also revealed that 84.2% of chartered surveyors reported a fall in UK property prices as compared to 81.8% in August.

It is felt that mortgage seekers may not benefit immediately from the banks’ rescue operation due to reluctance on part of lenders in offering deals to those without good credit ratings or to first time buyers.

It is also reported that passing down of interest rate cuts to the customers might not happen in spite of the Bank of England’s decision to cut base rate by 0.5%

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