The latest figures from the Royal Institution of Chartered Surveyors have revealed that the number of property transactions went down in November, but buyer interest was up.
There was more positive news in the property market as it was revealed that buyer interest increased during November, even though prices and the number of sales went down.
According to the Royal Institution of Chartered Surveyors (Rics), more surveyors said they were seeing a rise in new buyer enquires than a fall, with a difference of 14 percent. The Rics study put this down to the Bank of England's interest rate cuts over the last few months and the drop in prices.
"Many are starting to see the current market as an opportunity to purchase a previously unaffordable property despite the worsening economic picture," said spokesperson Jeremy Leaf. "But, unless people feel relatively confident about their job prospects, they're unlikely to even try to obtain mortgage finance unless of course trading down or seeking to release capital."
The fall in prices had continued in November, the report added, with 76.5 percent more surveyors reporting a drop rather than an increase. Additionally, actual sales had declined, with each agency dealing with 10.6 transactions on average for the three months up to November, down from 10.6 a month before.
In terms of sellers, slightly more surveyors said they had received instructions to sell a property, but the figures showed more people wanting to sell than in October. Mr Leaf commented: "Vendors still have to accept the inevitable fact that house prices are falling and re-price their property to suit current market conditions."
