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House market slumps again after a small rise

16/02/2009


The recent positive indications of a rising housing market have once again slumped.

The Royal Institution of Chartered Surveyors (RICS) indicated that agencies in the midlands carried out 12 surveys over the last 3 months which were down from 13 last month.

The surveyors are still being kept busy than the rest of the country as the average UK agency is carrying out 9.9 transactions in the same period.

Industry experts have also found that 11 per cent of surveyors indicated rise in house prices last month whereas 87 per cent reported a decrease.

RICS West Midlands spokesman, Ben Hudson, said there was evidence the housing market is picking up.
He said: "The latest survey provides further evidence of the eagerness of buyers to try to pick up bargains while the market remains tight and mortgage finance is limited.

"The recent cut in interest rates may improve confidence for those on the margins and encourage buyers looking for more attractive finance deals."


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