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Property Market Prices Fall Back To August 2006 Levels

News that the average property value has fallen by some £20,000 since the credit crunch began will do nothing to stem the tide of fear and concern in the housing market. Figures from the Royal Institute of Chartered Surveyors (RICS) also confirm that house transactions have fallen to their lowest level since records began back in the 1970s. In stark terms, just 15 houses were sold during the last 3 months by the average estate agent, a far cry from the recent heady days!

As the news gets worse in the property sector we are seeing speculation that we may have hit the bottom, but the truth is that nobody knows where the sector is headed next. Finance is still only available to a limited number of first time buyers and existing home owners are not able to receive a fair price for their homes so many are staying put. All of this has led to a sharp fall in the number of property transactions of late and the estate agency sector is suffering badly.

While we have already heard alarm bells from the main players in the estate agency sector, it seems inevitable that we will have a number of high profile victims with the number of transactions not able to support the large number of people working in the sector. Many are feeling the financial strain already and balance sheets are being stretched to the limit.

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