Housing market will not crash
www.moneynews.co.uk > Housing market > Housing market will not crash
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Money News |
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Housing market will not crash
Fri 14th Jan 2005
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The council admitted there is "no sign of a sharp collapse", or any significant successive month on month falls.
In its briefing, the CML said: "The housing market slowdown is undoubtedly underway, but there are encouraging signs of a soft landing."
"While house price growth is clearly moderating, there is no sign of a sharp collapse - or indeed any significant successive month on month falls.
"On the whole the data is consistent with our expectation of a gentle slowdown, with the main impact of the slowdown being on transaction levels."
The report, which appeared on the same day the Bank of England decided to hold interest rates at 4.75 per cent, looks at a wide range of factors affecting developments in the housing and mortgage markets, and compares all the figures released over the last month.
The CML also noted that house prices and supply meant that the market was shifting towards buyers.
"According to estate agents, the balance of favour is definitely shifting to the buyer. This is because supply is beginning to exceed demand, largely a result of new properties continuing to come on to the market despite the fall in the number of buyers," the council said.
Related News : Housing market |
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