Only ‘one house per week’ sold in August

The housing market slowdown shows no signs of abating just yet, with UK estate agents revealing they are selling an average of just one house per week.

The 30-year low was reveled in the latest monthly snapshot of the housing market by the Royal Institution of Chartered Surveyors (Rics).

The Government’s recent decision to freeze stamp duty on properties under £175,000 has failed to ignite the market as expected and a continued lack of finance for mortgages remained during August and September as first –time buyers struggled to get on the property ladder.

Although August is normally a slow month for property sales, with people preferring to spend their money on holidays, Rics reported that during last month, home sales were at their lowest since records began in 1978.

Rics spokesman Jeremy Leaf said more help was needed to revive the market, and urged the government to step in to help mortgage lenders.

“While money is scarce, many will continue to be denied the next step on the property ladder,” he said.

“The government’s stamp duty policy will not be enough to kick-start transactions and is more likely to assist buy-to-let investors with better access to finance than the first-time buyers it was aimed at. More needs to be done to reinvigorate a market whose confidence has taken a severe knock.”

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