Housing downturn 'worse than in 1990s'

The downturn in the housing market is "an awful lot worse" than the crisis in the 1990s, an industry expert has warned.

David Ritchie, chief executive of house builder Bovis, told Reuters that the downturn feels worse than the major correction in the 1990s.

Figures from Bovis revealed that sales for 2008 completion were down 35 per cent in the six months to June 30th, encouraging more people to look for flats to rent in London.

This comes after news this week that Bovis cut jobs in its company by 40 per cent due to the housing crisis.

Neil Fitzsimmons, chief executive at Redrow, said that consumer confidence was having a major impact on the number of property for sale in London.

Mr Fitzsimmons commented that since Easter the main factor that has encouraged people to looking to the rental market has been their concern over their jobs.

This comes after news from the Royal Institution of Chartered Surveyors which stated that house prices will not return to last year's levels for at least another four years.

Published 11th July, 2008

© 2008 Estates IT Limited

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