Housing market stagnant

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HOUSE sales per surveyor across the North East are more than 60 per cent lower than five years ago at the peak of the boom.

That is according to the latest Royal Institution of Chartrered Surveyors (RICS) UK Housing Market survey.

During May, the average number of completed sales per surveyor in the region was 14.

This was down 62 per cent on 2007, and goes some way to illustrating the extent to which market activity has fallen in recent years, says the RICS.

Peter Bolton King, housing spokesman, added: “Ongoing economic instability in the UK and overseas has continued to undermine consumer confidence, and the reluctance of many banks to offer affordable mortgage products has created something of a stagnant market.”