Thursday 11th October 2007
The number of homeowners looking to move to a new property is decreasing, according to the Royal Institution of Chartered Surveyors (Rics).
Figures obtained from the organisations members reveal that 51 per cent more reported a fall in new buyer enquiries in September than witnessed a rise.
This is the tenth consecutive month in which the proportion of enquiries has decreased, Rics asserts.
Spokesperson Jeremy Leaf explains: "Volatility in the financial markets, resulting in tightening of lending criteria, has certainly affected the confidence of buyers and sellers.
"As a result, some would-be buyers are turning to the rental market."
He adds that other homeowners may be awaiting a cut in the Bank of England base rate, as such a move has been widely predicted by analysts.
Meanwhile, those opting to renovate rather than relocate could welcome the news that properties left empty for two years are to be subject to a reduced level of VAT in a move Rics says is "long overdue".
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