Mortgages drop to the lowest level for 30 years
The number of mortgages has dropped to a record low as potential buyers continue to avoid the housing market.
The Royal Institution of Chartered Surveyors suggested that chartered surveyor estate agents sold approximatly 17.4 properties each throughout the three months to the end of May 2008.
Due to negative press reports, buyers have been put off falling house prices and problems in the mortgage market.
RICS spokesman Jeremy Leaf commented: "The property industry will not be the only casualty in the fall out from the credit crunch, with the high street and purveyors of a range of household goods, including furniture and white goods, also feeling the pinch.
"Construction workers such as plumbers and bricklayers will start to see employment opportunities dry up as the pace of housing transactions continues to abate."
A spokesman for the Department of Communities and Local Government said: "The current issue affecting the market is fundamentally about the supply of credit - a very different situation to the early 90s which was about high interest rates and unemployment."
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