Agents Sell 7 Homes in Three Months

Article excerpt

Byline: DANNY BRIERLEY

ESTATE agents in London dealt with a dwindling number of house sales at the end of last year as the capital bore the brunt of the housing market decline, figures show today.

Data from the Royal Institute of Chartered Surveyors show that nationally agents are selling less than one property a week.

But in London the weekly figures were even worse on average, estate agents sold only seven properties in the three months to the end of last month.

The number of homes being sold has now dropped to the lowest level in 30 years. Agents in the South-East and South-West averaged nine sales during the same three months.

Estate agents have also said that the outlook for the property market this year remains "extremely bleak" amid rising unemployment and a lack of affordable mortgages.

At the beginning of last year Rics said estate agents were selling 23.9 properties every three months, compared with 32 at the beginning of 2004. …