Tuesday, December 9, 2008
Property sales fell even further in November, according to the latest survey from the Royal Institution of Chartered Surveyors (Rics). The number of sales per estate agency fell during the three months to November to 10.6, the lowest since records began in 1976. However, the balance of surveyors reporting price falls improved to 76.5%, from 81% in October. RICS spokesman Jeremy Leaf said: "Many are starting to see the current market as an opportunity to purchase a previously unaffordable property." The survey comes a day after Rics forecast that the value of commercial property would drop by 50% from peak to trough.