Property sales 'to fall 40%'
People with flats and houses for sale in London will struggle to find buyers in 2008, the Royal Institution of Chartered Surveyors (RICS) has cautioned.
Issuing its latest forecast for the housing market, the professional body said that property sales will fall dramatically as a consequence of the ongoing credit crunch.
It further predicted a five per cent dip in house prices throughout the year.
If correct, such depreciation would mark the biggest shrinkage in the housing market since modern records began and according to RICS could cut consumer spending by up to eight per cent.
"Money looks set to remain tight and many will continue to find that access to the market is restricted by cautious lenders," commented RICS chief economist Simon Rubinsohn. "This could have important ramifications for the wider economy."
property for sale in London has already taken a hit in recent weeks due to the wider market downturn, with Knight Frank recording a tenuous 0.1 per cent price rise in April.
Published 19th May, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
People with flats and houses for sale in London will struggle to find buyers in 2008, the Royal Institution of Chartered Surveyors (Rics) has cautioned.