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| Downturn of the residential property market in the UK |
| Published on 11-09-2008 | Email To Friend Print Version
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Recent reports indicate the first downturn of the property market in the UK since 1996.
The main reason for this being the much publicised “credit crunch”, which has resulted due to new mortgage limited being imposed by UK banks who are continuing to curtail the amount of borrowing, with tighter controls and stricter criteria being applied in the loan approval process.
News from the UK is not optimistic with the situation not being expected to improve in the short term.
Mrs Fionnuala Earley, leading economist at the Nationwide Building Society, the UK’s largest building society, reported recently that a mild abatement in residential property values this year was expected as lending continues to be reduced through the tighter controls. She also predicted that due to this, prices would fall by around 5% by the end of 2008. Other leading UK financial institutions like the Bank of England and HBOS also concurred with Mrs. Earley’s report.
The downturn of the residential property market in the UK is also due to a significant lowering of confidence – the lowest for 16 years – which has been multiplied by the fear of the economy slipping into recession.
Even if only for psychological reasons, if the property market continues its progressive slowdown, a further fall in prices can surely be predicted.
The Top Properties Team
September 2008 |
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