Transactions in the housing market are at their lowest since the Royal Institution of Chartered Surveyors began surveying its members 30 years ago, The Guardian reports.
In its monthly snapshot out today, Rics says prices continued to fall in June but at a slightly slower pace than in the previous two months. The survey showed an average of 15.3 sales per surveyor over the past three months - the lowest figure recorded since the survey began in 1978.
The Rics house price balance improved slightly but remains very depressed. It showed that 88% more surveyors reported a fall than a rise in house prices, a decrease from 92.2% in May and 94.2% in April. Surveyors in the West Midlands were unanimous that house prices are falling.
IN KEEPING WITH the calls for wage restraint to help curb commodity price-induced inflation, the Governor of the Bank of England is forgoing a pay increase that could have seen his salary rise by more than £100,000 a year, according to The Independent.
A review by independent consultants in 2006 concluded that Mervyn King's remuneration package was not commensurate with the size and responsibilities of his role, and it recommended an increase of as much as 40 per cent at the top end of the scale.
Under the terms of the proposed package, the Governor's salary was to rise from £288,290 to a range from £375,000 to £400,000, from the start of his second five-year term this month.
THE OWNERS OF investment company Dawnay Day were forced into further asset sales at the end of last week, selling stakes of over £3m in two Aim-listed property companies it manages, The Telegraph reports.
Over the weekend Dawnay Day confirmed it had called in administrators at Ernst & Young to advise on the “strategic options” for the £2bn company owned by Peter Klimt and Guy Naggar.
Dawnay Day announced yesterday it had closed positions in Dawnay Day Treveria and Dawnay Day Sirius. Traders speculated that it had been forced into this through a margin call.
Last week Dawnay Day sold a 20pc stake in F&C Asset Management for a loss of around £70m; it has also sold its stockbroking business Dawnay Day Capital Management to management.IFAonline
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