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‘Too many over-priced houses are on the market’
8:00am Sunday 2nd September 2012 in News
The region’s housing market failed to pick up last month as interest from would-be buyers dipped, according to a report.
A survey shows that an increasing number of chartered surveyors have seen a fall in demand.
And, says the Royal Institution of Chartered Surveyors (RICS) report, the volume of new homes coming on to the market has also continued to drop.
The RICS said the subdued level of demand and supply, compounded by ongoing difficulties many buyers were experiencing with mortgage finance, had resulted in a slight decrease in transactions. The average number of completed sales per surveyor last month was 19.
Prices had also fallen. Mark John Hunter, spokesman for the RICS in Yorkshire and Humberside, said: “The general lack of confidence in the economy is not helping the housing market.
“Even after five years of recession, the market remains over-supplied with too much property that is over-priced.”
He added: “It is unlikely that we will see any real movement in the housing market until purchasing a property is more affordable and accessible, especially for first-time buyers.”