Estate agent property sales at 2 year low


The latest survey conducted by the Royal Institution of Chartered Surveyors has revealed that estate agents averaged 14 house sales each in the three months up to August. That average of just over 4 property transactions per month is the lowest for more than 2 years.

The drop in property sales comes despite the fact that property prices have fallen, and it seems that is not enough to entice more first time buyers on to the market. Continued difficulty meeting lending criteria, which generally involve a 20% deposit, as well as economic uncertainty have combined to lower purchaser interest over the past months. Those surveyors who responded to the survey put the economic situation as the single biggest factor affecting the property market, with tight mortgage criteria considered the second biggest cause. A smaller percentage of surveyors felt purchaser fears that house prices would fall further was also affecting market activity.

If you are a first time buyer planning to purchase a house in Northern Ireland, England or Wales, and need a solicitor to handle the conveyancing process for you contact Wilson Nesbitt in Belfast by email at property@wilson-nesbitt.com for information and advice.



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