April 28, 2008

Housing market at lowest for thirty years

For the first time in over thirty years confidence in the UK housing market has fallen to its lowest point, this follows a report from the Royal Institution of Chartered Surveyors (RiCS) which stated that nearly eighty per cent of their members are reporting falls in property values for the month of March.

It is believed that the following six months will be vital to the way that the housing market will perform over the months to follow. The problem is that buyers are holding back on committing to take those first steps onto the housing ladder.

This means that the sellers are unable to move into larger houses, which create a vacuum; this could mean that at some stage a seller may be tempted to drop their price, this would then cause a reaction in the market and house prices could fall even further.

Source [Counter Value]

http://countervalue.com/uk-recession-house-market-confidence-plummets/