Thursday, December 13, 2007
House sales tumble to worst level in 8 years
Sales of homes fell at their fastest pace for at least eight years last month, a key survey suggested yesterday. The number of newly agreed sales dropped for the fifth month in a row in November, the Royal Institution of Chartered Surveyors (RICS) said. It is the sharpest decline since the survey began in 1999. The balance of surveyors reporting rising rather than falling prices tumbled to minus 40.6, compared with minus 23.4 the previous month, indicating that prices are falling at their fastest pace since May 2005.