The number of people that are taking out mortgage loans has been decreasing, according to new figures brought out by the Royal institute of charted surveyors, (Rics).

According to the institute, each surveyor conducted only 15 transactions, between April to June, this year. These figures indicate that the number of people moving home have fallen to its lowest levels, since 1978, when the body was established.

The Rics, however, stated positive news concerning house prices, after they found that price levels had fallen from 92 per cent, down to 88 per cent. While in the West Midlands, 100 per cent of respondents, stated that the level of prices have decreased.

Jeremy Leaf a spokesperson at the Rics also stated that he remains optimistic on the property sector's long-term prospects.

He said: "With demand so low, would be buyers are negotiating from a position of strength. Even in a weak market there are always opportunities for investors and buyers to profit and some are starting to circle for bargains."