Lack of finance blamed for slow housing market

Some estate agents have claimed they are achieving less than one sale a week according to a new report by the Royal Institution of Chartered Surveyors (Rics).

The average number of transactions per surveyor fell to 12.7 over the past three months – the lowest amount in the history of the survey.

Lack of mortgage finance was named as a key issue in the failing housing market by spokesman Jeremy Leaf.

He added that debt and financial issues could be contributing to the situation, saying: “While money is scarce, many will continue to be denied the next step on the property ladder.”

However, the government’s recently announced rescue package may help alleviate some of the misery of repossession, Rics stated.

Ministers recently unveiled a series of plans designed to help homeowners with debt management.

The Association of Mortgage Intermediaries praised the proposals, particularly the £200 million pledged for vulnerable families.

By Jamie Price