Friday, 12 October 2007

UK housing market slowdown deepens

Sentiment is changing. The days of happy clappy real estate stories are slipping away. Today, a new story is creeping into the mainstream meda - the housing crash story. Here is an excellent example from the Telegraph.

Would-be new buyers turn backs on market
By Edmund Conway, Economics Editor

The housing market slowdown is deepening, with prospective homebuyers abandoning the market at the fastest rate in over four years, new figures show.

House prices have fallen for the second month running and the market is showing worrying signs of a downturn, according to the Royal Institution of Chartered Surveyors (RICS). It says the number of new buyers is falling at the fastest rate since early 2003.

The warning, in its closely-followed monthly survey of the market, will heighten fears that the property market is heading for a slump in the coming years.

The survey — which is forward-looking compared with house price indices such as Nationwide's which are retrospective — shows that new buyer enquiries dropped for the tenth consecutive month, with 51pc more Chartered Surveyors reporting a fall than a rise

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