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Economic fears hit housing market

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Fresh fears of a global economic crisis brought about by the continuing Euro Zone crisis have hit the UK housing market, as the number of property sales dropped to a fresh two-year low in August.

The number of sales per chartered surveyor across the UK in the three months to the end of August dipped slightly to 14, the lowest since June 2009, the Royal Institute of Chartered Surveyors (RICS) revealed.

According to 79% of surveyors, the “subdued” nature of the market was most likely due to “general economic uncertainty”, while 66% said an ever-present lack of mortgage finance was also responsible. Meanwhile, 40% of surveyors said buyers were staying away because they were worried about future falls in house prices.

“For the time being, our indicators suggest that demand for homes remains broadly steady, albeit at relatively low levels, despite the renewed bout of economic gloom,” said RICS Housing Spokesman Alan Collett.

“However, the risk is that the worsening economic picture will gradually begin to have a more material impact on sentiment and discourage potential house purchasers even where mortgage finance is available.”

Worried about how the stalling global markets will affect your chance of selling up? Struggling to find enough finance to buy? Contact our housing experts today and we’ll do all we can to make sure your journey up the housing ladder is as easy as possible.

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Written by Andrew Hodges

September 25, 2011 at 9:19 pm

Posted in Comment, LinkedIn

Tagged with , ,

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