From This is Money:
Figures released today by the Royal Institution of Chartered Surveyors have revealed the paralysis gripping the property market, with the average estate agency selling just 12.7 homes in the past three months.
This represented the lowest level of activity since the survey began in 1978 and Rics said the confusion sparked by rumours of a stamp duty holiday at the start of August had exacerbated the problem.
This had combined with the mortgage drought to further slow the market.
Rics spokesman Jeremy Leaf said: ‘A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery.
‘While money is scarce, many will continue to be denied the next step on the property ladder.
‘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 con…
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