Housing Market Confidence Lowest in 30 Years
Confidence in the UK housing market has reached its lowest in 30 years according to a new survey from RICS.78.5% more surveyors reported a fall than a rise in house prices. This is the worst figure since RICS starting compiling this survey in 1978.
The report shows more surveyors than ever, 73%, believe that prices will fall over the next 3 months.
In the East Midlands, 90% o surveyors reported price falls, 85% reported falls in East Anglia. Scotland is the only area not reporting falls.
RICS blamed the figures on the credit crunch and the ensuing difficulty people are having in securing mortgages. However, they still say that a large fall in prices is unlikely.
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