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House Prices
http://www.telegraph.co.uk/money/mai.../ymrics112.xml
At the beginning of the year, RICS said estate agents were selling 23.9 properties every three months compared with 32 properties per three months at the beginning of 2004. Today, the figure has dropped to 14.4 over the last three months or 1.1 properties a week.
Nigel Naish, a member of RICS based in Yorkshire, said: "Lack of demand, due to market funds non-availability for the bottom end of the market, has caused the market to slow, almost to a stop."
The RICS housing market survey also indicated that house prices are likely to continue to fall. It said almost 84 per cent more chartered surveyors reported a fall than a rise in house prices, a decrease from 86.9 per cent in June. New buyer enquiries are still at a low ebb and sellers are dropping their asking prices to more realistic levels, the survey said.
Last week Halifax, Britain's largest mortgage lender, said that house prices had fallen by nearly £20,000 in the last six months.
Keep on dropping, I'm waiting....
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