House sales down to 'less than one a week'

Last month the average number of transactions per surveyor slipped to less than one every seven days, according to new figures.

The financing drought is putting the brakes on new buyers' abilities to get on the property ladder and is resulting in falling transaction numbers, the Royal Institute of Chartered Surveyors (Rics) said in its UK housing market survey.

Over the last three months, Rics stated that the average number of transactions per surveyor stands at 11.5 - representing the lowest number since records began 30 years ago.

The survey revealed that the nation's capital is the worst hit by the fall in transaction numbers.

Commenting on the statistics, Rics spokesperson Jeremy Leaf said that the "recent turmoil in the financial markets has dented confidence further" but he believes the government's banking bailout will see banks increase lending to home owners.

Mr Leaf added that the housing market continues to "hold its breath" and unless mortgage liquidity improves, the market is "likely to remain a dormant beast for some time to come".

Mortgages for self build schemes differ from standard mortgages because the money is released in stages as the project progresses.