Rics: property starts stagnating
Property experts have claimed that the UK is in the grips of a house-building slowdown, prompting concerns that demand is plummeting as people put off home purchases and opt to rent instead.
A slowing housing market has been identified by the Royal Institution of Chartered Surveyors (RICS), who claimed that the profit outlook of the UK construction industry was suffering the fallout.
Only 16 per cent more chartered surveyors were claimed to have reported a rise than a fall in the fourth quarter of 2007, marking a lower level of growth than the previous quarter, with London property starts stagnating despite a strong demand for new housing in the capital.
RICS senior economist David Stubbs said: "A slowing housing and commercial property market, following the credit crunch and the Northern Rock turmoil have started to hit the construction sector.
"Current financial instability is rocking market sentiment and may see the industry enter a period of uncertainty. Doubts are likely to intensify over the ability of the government to meet its ambitious house building targets."
RICS explained that new enquiries for housing were growing at their slowest rate since 2006.
Published 25th January, 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
Property experts have claimed that the UK is in the grips of a house-building slowdown, prompting concerns that demand is plummeting as people put off home purchases and opt to rent instead.