Rics calls on government to ‘address housing slowdown’
The government must take "significant and decisive action" to tackle the failing housing market and help mortgages for professionals and other mortgage holders, the Royal Institution of Chartered Surveyors (Rics) has said.
Analysis from the surveyors suggest that the recent decline in activity in the sector will have knock-on effects, severely hampering economic growth.
The construction industry is set to be hammered by a collapse in demand for new homes - while retailers will also suffer from the new lack of sales for big-ticket items, which are driven by buyers looking to make expensive purchases for their new homes.
"It is essential that the government takes this opportunity to kick start the housing market and at the same time to introduce long-term reform that will benefit all those involved in property including renters, letters, buyers and sellers," Rics said in a statement.
"Action should not just be aimed at addressing the immediate issues but must also establish a more efficient, sustainable property market with more effective information and better protection for consumers."
New figures from the Bank of England, released today, show that mortgage approvals numbers now stand at 71 per cent below those of a year before - a new low for market activity.
Meanwhile, Hometrack said in its latest house price data that the average UK property has declined in value by over five per cent in the past 12 months.
Analysis from the surveyors suggest that the recent decline in activity in the sector will have knock-on effects, severely hampering economic growth.
The construction industry is set to be hammered by a collapse in demand for new homes - while retailers will also suffer from the new lack of sales for big-ticket items, which are driven by buyers looking to make expensive purchases for their new homes.
"It is essential that the government takes this opportunity to kick start the housing market and at the same time to introduce long-term reform that will benefit all those involved in property including renters, letters, buyers and sellers," Rics said in a statement.
"Action should not just be aimed at addressing the immediate issues but must also establish a more efficient, sustainable property market with more effective information and better protection for consumers."
New figures from the Bank of England, released today, show that mortgage approvals numbers now stand at 71 per cent below those of a year before - a new low for market activity.
Meanwhile, Hometrack said in its latest house price data that the average UK property has declined in value by over five per cent in the past 12 months.
