House Sales to Fall 40% This Year?
RICS has forecast that the number of house sales could fall by 40% this year. This would amount to the largest fall in the housing market since records began and could cut consumer spending by 8%. The previous largest fall was in 1989, when they fell 26%. Sales to date in 2008 are already down by 32%.The slowdown has already affected removals firms who have seen a slump in business, with the number of moves down by 55% in the first three months of this year, and down by 68% in the past six weeks. If sales do fall 40% this year, that represents 700,000 fewer residential and commercial property sales than in 2007.
RICS also predicted that house prices would fall by 5%.
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