SELL YOUR HOME QUICKLYRICS releases gloomy statistics
New figures published in The Times show that the number of surveyors who have reported decreased property prices and fewer transactions in April is higher than it has been in 30 years.
Statistics from the Royal Institution of Chartered Surveyors (RICS), indicate that the number of reports regarding a drop in house prices increased from 79.4% in March to 95.1% in April. This is the biggest increase that has ever been recorded since the study began in 1978.
Experts explain that the decreased number of property transactions is as a result of the fact that first-time home buyers are struggling to secure home loans. Statistics show that while there were approximately 22.2 property sales in March, only 18.3 transactions were recorded in April – a figure that matches the record low of November 1992.
“The real issue is the collapse in the number of housing transactions. This has very real implications, not just for the property industry but also the high street and the wider economy. Sales of white goods are likely to suffer if this low level of turnover persists for much longer,” said RICS spokesperson, Ian Perry.
The slowdown in activity in the property market is largely due to the harsh lending demands of mortgage lenders who are trying to safeguard their margins while the “credit crunch” is taking its toll. Despite the high – and unyielding – interest rates, lenders are demanding large minimum deposits, which are making it very difficult for some people to buy their first homes.
Thanks to our cash resources, MPG Investments is not affected by difficult lending conditions and the credit crunch. We pay cash for houses! Contact us today to discover how fast and easy it can be to sell your home.
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