It has been estimated that around 4,000 estate agents in the UK could be forced to close because of the downturn in housing sales.
The Bank of England, in trying to restore order to the housing market, has told mortgage lenders they will be able to pass on interest-rate cuts to their customers in return for easier and longer loans.
This is just another blow to the confidence in the UK housing market which is already at an all time low. As house prices continue to fall and mortgage lenders tighten their lending criteria vendors looking for a quick house sale are finding this harder to achieve.
The Royal Institution of Chartered Surveyors (Rics) said 78.5 per cent more of its members reported a fall rather than a rise in prices in March. This marked the eighth consecutive monthly drop and made for the gloomiest reading since the survey began in 1978.
