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UK Property market stagnates

The property market has stagnated, meaning that houses are taking longer to sell, accordingto the Royal Institution of Chartered Surveyors (RICS).

Only 23% of homes on estate agent’s books were sold in the three months to May. In the same period of 2007, 41% of homes for sale had been sold.

The low level of sales has been attributed to a reluctance by banks to lend to many potential home buyers.

Commenting on the figures RICS spokesman Peter Bolton King said: “Ongoing economic instability in the UK and overseas has continued to undermine consumer confidence, and the reluctance of many banks to offer affordable mortgage products has created something of a stagnant market.

This was posted in Bdaily's Members' News section by Ruth Mitchell .