Estate agents are reporting they are selling less homes than at any point since current records began, back in 1978, according to a report from the Royal Institution of Chartered Surveyors (RICS).
House prices are also showing the biggest falls since RICS started recording them, 30 years ago, making the current crisis worse than the property crash of the '90s, at least on paper.
82% of the 282 estate agents that took part in the RICS poll recorded falling house prices over the last 3 months. Between February and April they sold on average just 18.3 properties, with one reporting sales down by 60%. Even Scotish House Prices recorded a drop last month, meaning that all regions of Britain are now experiencing price falls. The worst hit area is the East Midlands, having suffered 16 straight months of decline.
It has also been noted that the number of buyers registering an interest to buy with estate agents is also down and has been sliding for 2 years. Estate agents blame mortgage difficulties, saying that buyers looking for "perfectly normal loans" are being rejected.
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