House sales drop as secured loans are limited, sur - Loans - News - Moneyfacts


House sales drop as secured loans are limited, sur

House sales drop as secured loans are limited, sur

Category: Loans

Updated: 12/11/2008
First Published: 12/11/2008

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

An inability to obtain secured loans has led to a drop in house sales, it has been suggested.

The Royal Institution of Chartered Surveyors (Rics) has revealed that transactions are at their lowest point since it began keeping records in 1978.

And spokesperson Ian Perry noted that would-be buyers have been kept out of the market because they cannot obtain a mortgage.

Rics' UK housing survey showed that chartered surveyor estate agents recorded an average of 10.9 transactions over the last three months, although in London the figure dropped to just six.

However, some Rics members remain optimistic, with 20 per cent more than a month ago stating they expect sales to rise.

"Fortunately, many vendors have finally started to accept current market conditions and are dropping their asking prices to achieve a sale. Sales should increase in the coming months," said Mr Perry.

Last week Halifax revealed that house prices have dropped by 13.7 per cent over the last year.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Get a record low rate loan - if you qualify

Competition in the personal loans market is as hot as ever, so much so that one loan provider has slashed rates to the lowest on record – but only to those who fit the bill. The shopping bill, that is…

Competition returns to loans, but stalls in cards

Our recent figures reveal a mixed picture in terms of unsecured lending, as while competition appears to have returned to the loans market, it’s notably slowed in the credit card sector.

How to improve your credit score

Are you thinking about applying for credit? If so, you need to make sure your credit score is in order.