Savills: Housing market will not recover until credit crunch is resolved
www.moneynews.co.uk > General finance > Savills: Housing market will not recover until credit crunch is resolved
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Money News |
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Savills: Housing market will not recover until credit crunch is resolved
Wed 30th Jul 2008
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Lucian Cook, director of Savills Residential Research, said that prices will probably continue to drop by ten per cent until the end of the year, with further falls in 2009.
He said the market would not heal until the credit crisis "has worked itself out and we are back to being able to get hold of lending on more reasonable terms".
Savills is a global real estate service provider.
New sellers on the market have on average priced their property at more than £4,000 less than the previous month, according to the Rightmove House Price Index for July.
The drop in average asking prices is 1.8 per cent (£4,345).
It is the biggest decrease Rightmove has ever measured in July.
Previously, the lowest July figure was a one per cent drop, three years ago.
Average unsold property numbers have risen this year.
Click here for more mortgage news.
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Related News : Housing market |
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