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| Version 1 | Version 2 |
|---|---|
| Numbers moving home at record low | Numbers moving home at record low |
| (about 23 hours later) | |
| The number of people moving house is at its lowest level since surveyors started collecting records in 1978. | The number of people moving house is at its lowest level since surveyors started collecting records in 1978. |
| There were 15.3 transactions per surveyor during the three months to the end of June, the Royal Institution of Chartered Surveyors (Rics) said. | There were 15.3 transactions per surveyor during the three months to the end of June, the Royal Institution of Chartered Surveyors (Rics) said. |
| Rics said that demand from buyers remained low with many of them unable to get mortgages. | Rics said that demand from buyers remained low with many of them unable to get mortgages. |
| But the number of surveyors reporting house price falls was not quite as high in June as it had been in May. | But the number of surveyors reporting house price falls was not quite as high in June as it had been in May. |
| Rics spokesman Jeremy Leaf said that there were opportunities for some would-be buyers when the market was weak. | Rics spokesman Jeremy Leaf said that there were opportunities for some would-be buyers when the market was weak. |
| "With demand so low, would-be buyers are negotiating from a position of strength," said Mr Leaf. | "With demand so low, would-be buyers are negotiating from a position of strength," said Mr Leaf. |
| "Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains." | "Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains." |
| 'Regional gloom' | 'Regional gloom' |
| There were 88% more surveyors reporting a fall than a rise in house prices in June, falling from 92.2% in May. | There were 88% more surveyors reporting a fall than a rise in house prices in June, falling from 92.2% in May. |
| But surveyors in the West Midlands held a unanimous view that prices were falling. | But surveyors in the West Midlands held a unanimous view that prices were falling. |
| With people still finding it difficult to secure mortgage deals, some 35% more surveyors reported a fall in inquiries from buyers than a rise in June. | With people still finding it difficult to secure mortgage deals, some 35% more surveyors reported a fall in inquiries from buyers than a rise in June. |
| Some surveyors reported that some buy-to-let investors were entering the market to take advantage of rising rent levels. | Some surveyors reported that some buy-to-let investors were entering the market to take advantage of rising rent levels. |
| So-called "predatory buyers" were also stalking the market for big reductions during the depressed market conditions. | So-called "predatory buyers" were also stalking the market for big reductions during the depressed market conditions. |
| The report suggested there was little sign of repossessed homes being sold in large numbers because employment levels remained strong. | The report suggested there was little sign of repossessed homes being sold in large numbers because employment levels remained strong. |
| 'Rents to rise' | 'Rents to rise' |
| The survey comes the day after a report for the Association of Residential Letting Agents said rents in the private rented sector would rise significantly in the short term. | The survey comes the day after a report for the Association of Residential Letting Agents said rents in the private rented sector would rise significantly in the short term. |
| In the report, Professor Michael Ball, of Reading University, predicted that rents would rise by 10% to 15% in both 2008 and 2009. | In the report, Professor Michael Ball, of Reading University, predicted that rents would rise by 10% to 15% in both 2008 and 2009. |
| FROM THE TODAY PROGRAMME More from Today programme | FROM THE TODAY PROGRAMME More from Today programme |
| Young people were delaying the age at which they bought their first home and this was taking some potential buyers out of the market, the report said. | Young people were delaying the age at which they bought their first home and this was taking some potential buyers out of the market, the report said. |
| Younger people were less likely to buy and, as a result, were less likely to fall into the spiral of negative equity that prolonged the housing market recession of the 1990s, it added. | Younger people were less likely to buy and, as a result, were less likely to fall into the spiral of negative equity that prolonged the housing market recession of the 1990s, it added. |
| House price surveys by lenders in recent days suggested that house prices continued to drop in June. | House price surveys by lenders in recent days suggested that house prices continued to drop in June. |
| The Halifax said property prices fell by 2% in June, whereas rival Nationwide said prices dropped by 0.9% on average during the same month. | The Halifax said property prices fell by 2% in June, whereas rival Nationwide said prices dropped by 0.9% on average during the same month. |
| A spokesman for the Department of Communities and Local Government said the issues affecting the housing market were "global" and very different to the 1990s. | A spokesman for the Department of Communities and Local Government said the issues affecting the housing market were "global" and very different to the 1990s. |
| "We want to continue to ensure stability and fairness in the housing market," he said. | "We want to continue to ensure stability and fairness in the housing market," he said. |
| "The long-term demand for housing remains high and the fundamentals of the economy are sound with low unemployment and historically low interest rates." | "The long-term demand for housing remains high and the fundamentals of the economy are sound with low unemployment and historically low interest rates." |