The Royal Institute of Chartered Surveyors (RICS) has called on the government to act now to help save the UK property market.
With house prices in freefall all over the country, property sales have hit their lowest level in the last 30 years, according to RICS. In the three months running up to July, estate agents are averaging just one property sale per week.
RICS claim that government action is essential to help buyers and the industry. The institute says that tackling mortgage loan liquidity problems is the key. The government urgently needs to improve the flow of funding for new mortgage lending .
The director of external affairs at RICS, Gillian Charlesworth, reportedly commented: "The market needs decisive Government action on a range of fronts if it is to pull itself out of the doldrums and we call on government to listen to the market’s solutions to a whole set of problems. We know there is no silver bullet that will slay this monster but we need a joined-up, comprehensive approach to bring back confidence and to give the public clarity about what is available."
Mortgage market needs government help
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