Quarterly house sales fall 40% to hit 30-year low

UK house sales have slumped to their lowest level since records began 30 years ago, according to new figures.

Statistics from the RICS showed that estate agents sold an average of just 15 properties each over the three months to 30 June.

The figure is 40% lower than for the same period last year and the lowest since the RICS started surveying members in 1978.

The body said that 88% more surveyors thought house prices fell than observed them to rise during June, a slight improvement from 92% in May.

It blamed increased mortgage rates and stricter lending criteria for leaving many people unable to get housing loans.

But RICS spokesman Jeremy Leaf said that the slump presented opportunities for certain groups.

“With demand so low, would-be buyers are negotiating from a position of strength. Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains,” he said.