RBS tells fixed rate mortgage holders that housing market is slowing

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RBS tells fixed rate mortgage holders that housing market is slowing

Fixed rate mortgage holders in Britain have been told by the Royal Bank of Scotland (RBS) that the housing market is slowing down.

According to RBS economist Fionnuala Earley, this is precisely what it would expect to take place in the current economic climate.

However, she said factors such as the supply of available properties will determine the extent to which growth rates will fall.

Ms Earley cited recent figures from the Royal Institution of Chartered Surveyors as evidence that supply could be "tightening up" again, while property building levels also remain low.

"If these supply trends carry on, they offer support for house prices even with low levels of demand and a weak economy," she commented.

Mr Earley added that figures from Halifax which indicate a 3.6 per cent drop in house prices last month are "shocking", but said reading too much into a single statistic would be "a mistake".

This comes after Halifax economist Martin Ellis described the outlook for the housing market as "uncertain".
 ADNFCR-323-ID-800104766-ADNFCR

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