In the three months period to the end of May each estate agent sold on average
just 17.8 properties. Since records began some 30 years ago these are the worst recorded figures. This decline in sales means ‘a serious danger for the wider economy’.
There are some glimmers of hope though as there is only a small surge in repossessions and fewer reports from surveyors of price falls.
Not only the property industry but also the High Street & purveyors of household goods are feeling the squeeze. As fuel and food prices rocket to an all time high living standards are falling. Even at the expense of their own margins many retailers are doing an enormous amount to protect their customers.
Because the rate of inflation is not under control it is unlikely that the Bank of England will cut the interest rate.
Sarah Walford of local debt advisers REVIVAL says ‘the latest rises in the cost of living has caused more heartache & stress for many people and the outlook at the moment still appears that we have some way to go before many of us can breathe a sigh of relief’.
“If you are experiencing financial difficulty, please seek advice sooner rather than later. That way, there are more options available to you.”