UK house sales hit record low

UK house sales dropped to a record low in August, as a mortgage squeeze continued to depress the residential property market.

The Royal Institution of Chartered Surveyors reported that house sales were at their lowest level since its monthly survey started in 1978.

Although prices advanced slightly, they remained down on a year ago.

The average estate agent sold just 12.7 properties in the three months to the end of August according to the RICS.

Real estate agents remain pessimistic about the market’s prospects, while some reported they are now selling less than one property per week.

The UK government suspended stamp duty on homes purchased for less than 175,000 pounds ($307,000) last week in a bid to stimulate sales in the market.