Surveyors lament housing sector slump

Surveyors in the UK have been left to lament the slump in the housing market as homeowners struggle to control their finances and clear debt.

According to the Royal Institution of Chartered Surveyors (Rics), the number of transactions its members were involved in the past three months reached its lowest level since 2005.

In all, 92.9 per cent more Rics members reported falls rather than rises in property prices over the course of the May.

However, the organisation has suggested that the fall out from the credit crunch and the worsening debt management prospects for British borrowers will impact upon the wider economy and not just the surveying sector.

Rics spokesperson Jeremy Leaf said: “While demand remains weak and housing transactions continue to evaporate, there is a very real danger to the wider economy.”

Earlier this month, MoneyExpert research found that more and more consumers around the country are becoming concerned about their ability to clear debt.

Written by Dan Mather