UK Property Sales Down by 40% Since 2007
The latest market survey by the Royal Institution of Chartered Surveyors (RICS) revealed that property sales have fallen by almost 40% in the past 5 years.
In 2007, the average number of completed sales per surveyor was 25.4, and now this figure stands at 15.6 only, marking a significant decline in market activity.
The number of days it takes to sell a UK property also increased. In 2007, surveyors sold 40.9% of homes on their books during the three months to May. This year, thy only sold 23.1%.
Commenting on the findings, Peter Bolton King of the Royal Institution of Chartered Surveyors, said: "It is no surprise to see such a sizable drop in transactions since the market peak back in 2007. Ongoing economic instability in the UK and overseas has continued to undermine consumer confidence, and the reluctance of many banks to offer affordable mortgage products has created something of a stagnant market."
The full version of the report is available for free download on the official website of the Royal Institution of Chartered Surveyors.
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