UK house sales decline

UK property agents are generally kept busy during the spring months with a rush of home buyers ready to make the move but so far this year business has been slow to take off. According to a recent report from the Royal Institute of Chartered Surveyors (RICS) residential property sales have decline by around 40 per cent when compared to five years ago. Last month, generally one of the busiest of the year for home sales, saw sales drop to around 4 per week on average as reported by RICS members – nearly 40 per cent below the level prior to the financial crisis. RICS estate agents also note that more vendors are reducing the market price in order to attract potential buyers. Most agents throughout the UK property market agree that consumer confidence remains low in part due to the economic instability throughout Europe added to the lack of affordable products within the range of UK mortgages. Not including the London property sector house prices in most regions continue to dip slightly as spring moves on.