THE TELEGRAPH: The number of houses changing hands has "collapsed" to the lowest level in 30 years, an influential housing market survey shows today.
The fall in sales far exceeds the depths of the last housing crash in the 1990s and is the lowest since records began in 1978.
The average number of houses that estate agents sold in the past three months was 17.4 - almost a third lower than a year ago, says the Royal Institution of Chartered Surveyors (RICS).
Its report also says that gazundering, the controversial practice of buyers dropping their offer price after they have agreed to purchase a property, has returned.
While prices have started to fall in earnest only in the past two months, the report makes clear that the property market is in a dire state.
Buyers are refusing, or unable, to hand over any money to purchase a house.
"The continuing lack of demand in the housing market is reflected in the collapse in transactions," says the report." House Sales Fall Worst in 30 years, Says RICS >>> By Harry Wallop, Consumer Affairs Correspondent | June 10, 2008
THE GUARDIAN:
UK Economy: Recession Fears Grow as House Buyers Vanish: City expects three rises in interest rates within months to curb inflation >>> By Larry Elliot, economics editor | June 10, 2008
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