Tuesday, April 15, 2008

UK Housing Market Confidence dropped to 30 years low

Today, the following BBC News attracted my attention the most as it is related to housing market.

Confidence in the UK housing market fell in March to its lowest point in 30 years, according to a closely watched survey of property surveyors. The Royal Institution of Chartered Surveyors' (Rics) said that 78.5% more surveyors reported a fall than a rise in house prices in March. This was the gloomiest reading since Rics began the survey in 1978. The results come after leading mortgage lenders offered similarly downbeat views on property prices. Rics said the next six months would be crucial for homeowners and would-be buyers in the UK.

The falls in prices are particularly marked for flats and maisonettes and in certain parts of the country. The sharpest falls were in the East Midlands and East Anglia, while slower falls were recorded in north-west England, Wales and London.

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