House sales could collapse by 40%

The latest survey from RICS (Royal Institution of Chartered Surveyors) has revealed that house sales could collapse by 40% this year.

The impact of this would hit the economy, as firms providing services to movers struggle for sales - such as carpet retailers, white goods, DIY stores etc. RICS warned the number of house sales could plunge by around 400,000 to approximately 600,000 with the second half of the year bein a 'difficult period for the housing market'.

Whilst a collapse of the housig market might be seen as good news for first time buyers trying to get onto the property ladder, these people are also struggling to get loans as the number of available different mortgage products has dropped by around 56% over the last 6 months to just 16,000.