As growing numbers of Britons choose to postpone a move up the property ladder, the rate of home sales fell to its lowest level for 30 years during the three months to the end of June, it has been announced.
New statistics compiled by the Royal Institute of Chartered Surveyors (Rics), show that the number of transactions reported by its members was 40 per cent lower over the period than when compared to the same time last year.
Furthermore, only in 1978 were fewer homes sold, it was also revealed.
Richard Powell, a member of Rics and an author of several books on getting ahead in the
property market, told the Telegraph: "June was the worst month so far for buyer activity and the situation is worsened by a high cancellation rate due to difficulties with finance availability and a lack of buyer confidence.
"Sellers are reluctant to reduce prices and are under no real pressure to sell. Buyers are sitting and waiting. The net result is very few transactions."
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