Real Estate: Agents warn housing market meltdown is global
Whilst the banking system remains in turmoil, the effect on the housing market, both global and local, is becoming more and more marked. According to a survey from the Royal Institution of Chartered Surveyors (RICS), estate agents sold, on average, under one property per week each in September, and the number of properties sold across the UK is the lowest since the RICS surveys began in 1978. Sales are 52 per cent lower than in September last year. London had the fewest sales per estate agent, with an average of just eight in the previous three months. Nationwide, 91 per cent of estate agents saw prices fall over the preceding three months.
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