Property transactions 'less than one a week'

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A lack of mortgage finance has resulted in a reduction in the average number of property transactions.

Research by the Royal Institute of Chartered Surveyors (RICS) has found that in September some surveyors are reporting less than one transaction per week.

Over the last three months the average number of transactions per surveyor in now at 11.5, with London the worst hit region averaging only eight sales.

Jeremy Leaf, spokesperson for RICS, said the government decision to re-capitalise banks will result in an increase in lending to home owners.

He added this may result in an easing of the current and damaging lack of mortgage finance in the UK.

"The housing market continues to hold its breath and unless mortgage liquidity improves, the market is likely to remain a dormant beast for some time to come," said Mr Leaf.

A recent stubby by Halifax found that people are willing to pay up to £35,000 more for a home in their "ideal location".

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