Lowest Home Sales in UK over the Last 30 years.

In UK, surveyors sold fewer homes per agency in the three months to January than at any time in the past 30 years, according to the latest monthly survey from the Royal Institution of Chartered Surveyors. The average number of transactions, at 9.9 for each office over the past three months, is down only marginally from 10 in December. Nevertheless, the profession has noted such a large rise in inquiries from potential buyers that it is decidedly optimistic. Those surveyors reporting a rise in new-buyer inquiries rose last month to 16 per cent more than those reporting a fall. That compares with 37 per cent more surveyors reporting a drop in inquiries in January last year. In London, the turnround was even more dramatic, with 38 per cent more surveyors saying the number of inquiries rose, up from 1 per cent more saying they were falling back in July 2008.
Anecdotal comments from London agents in the survey suggest that the weak pound is spurring interest from continental buyers who would be paying in euros. The apparent disconnection between new-buyer inquiries and actual sales has puzzled some economists, who have seen inquiries as a leading indicator of demand. Economists at Nationwide, unveiling their most recent house price index, suggested that lack of financing might be delaying buyer interest being translated into sales.