Housing sales hit new low

According to a recent survey by the Royal Institution of Chartered Surveyors (Rics), the decline in the property market is becoming even more serious. In September, estate agents sold less than one property per week on average.

The number of properties sold in the UK was the lowest since the Rics survey began in 1978. The figure is a staggering 52% lower than in September of last year.

Mortgage providers such as the Nationwide and the Halifax have reported that house prices have fallen by 12% in the last year.