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London's estate agents have sold an average of only seven properties in the past three months, according to a survey out today.
The Royal Institution of Chartered Surveyors (Rics) said that the number of transactions in Britain fell to an average of 10.6 an estate agent in the three months to November, down from 10.9 in the same period to October, the lowest figure since 1978.
However, there was some optimism as the Rics reported that buyer interest increased last month for the first time in two years. The biggest increase was in the West Midlands, closely followed by the south-west. Prices are still weak with 77% more surveyors saying prices fell than reported rises last month.
Rics' spokesman, Jeremy Leaf, said: "Many are starting to see the current market as an opportunity to purchase a previously unaffordable property. But unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance."
These figures emerged as the OFT said that it would be reviewing ways of buying and selling homes amid concerns about customer satisfaction. The government unveiled changes to home information packs (Hips) yesterday, which homeowners must compile before putting their property on the market.
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