Residential sales drop sharply from peak

14th June 2012

HOUSE sales across Yorkshire and the Humber are almost 50% lower than five years ago, according to the latest RICS UK housing market survey.

The average number of completed sales per surveyor in the region in May was 19.

The figure represents a drop of more than 47.2% from May 2007’s figure of 36.

During the three months to May, surveyors in Yorkshire and the Humber sold 19% of the homes on their books, a significant fall from the same period in 2007 (41%), when the market was at its peak.

The survey found that chartered surveyors in the area expect transaction levels to remain stable over the coming three months.

Prices in the region continued to fall last month as 25% more respondents reported falls rather than rises in prices, RICS said.

Ken Bird, of Renton & Parr in Wetherby, said: “Warmer weather has melted away the motivated buyers that we were dealing with earlier in the year. Sales are sliding as the market adjusts to the economic fall out from Europe, plus buyers are now expecting all those selling their home to reduce on price so more sellers are holding out.”

Tim Brown, of George F. White in Bedale, North Yorkshire, added: “If you are selling your home and you get an offer, think yourself lucky as you are one of only about 10% of vendors.”