Big Freeze 'responsible for drop in property sales'

The cold snap in January contributed to a fall in completed property transactions, it has been reported.

According to the Royal Institution of Chartered Surveyors Rics, buyer interest and instructions to sell dropped last month, despite the wider availability of cheaper mortgage rates.

Catherine Hearnden, director of MyMortgageDirect, agreed, claiming that every single part of the mortgage market and house buying process "came to a standstill" during the Big Freeze.

Quite simply, "nobody was able to do anything" because of the snow and ice, she stated.

"Surveyors weren't able to get properties, people weren't able to go and view, estate agents were closed and solicitors weren't available," Ms Hearnden added.

However, she claimed that the problems caused by the bad weather were not a major cause for concern.

"I think it was one of those things where everybody was getting quite keen, and then the weather stumped everybody because we haven't seen anything like this for years. It is always going to have an effect."

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2010-02-12 09:17:48 © Moneyextra.com