Industry analysts have predicted that the number of property sales in the UK could be set to rise.

The Royal Institution of Chartered Surveyors (Rics) stated that the market should benefit as a result of last week's interest rate cut, especially as lenders are passing it on to borrowers.

However, the organisation said the lack of mortgage finance is currently one of the main problems in the market.

Ian Perry, spokesperson for Rics, warned that this "major blockage"is barring many would-be buyers from getting on the housing ladder.

Nevertheless, he said vendors are now starting to accept current market conditions and are therefore dropping their asking prices to achieve a sale.

Mr Perry commented: "Sales should increase in the coming months as more and more sellers understand that greater realism is the only way to make that long desired move."

Last week, the Bank of England's monetary policy committee decided to cut interest rates by 1.5 per cent to three per cent.
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