The number of transactions per agency dropped to 10.9 in October from 11.5 in September, according to the Royal Institution of Chartered Surveyors (RICS). But in London, RICS members reported only six sales per agency over the last three months. In East Anglia and Wales, the average agency managed nine sales in the same period. But sales were more buoyant in the north east, with RICS members reporting 16 completed transactions on average.
Agents were slightly less pessimistic about house prices in October, with 81.8% indicating a fall, rather than a rise, compared to 84.5% in September. But sales as a proportion of the stock of properties on estate agents’ books continued to fall, suggesting further price falls in the near term.
The RICS survey, conducted before the recent rate cut by the Bank of England, found surveyors were a little more positive about business volumes. Twenty per cent predicted an increase in sales in the next three months, compared to 4% in September, and optimism was greatest in London. One reason for a more positive outlook was that sellers were showing an increased likelihood to drop their price.
Inquiries from buyers ticked up in October, and agents reported growing interest from cash-rich investors looking for investment opportunities
