14-05-2008
Survey highlights impact of sentiment on property market
News by Adfero for Simply Business - independent providers of public liability insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Many potential house buyers and sellers are being put off tackling the crisis-hit market according to the findings of a survey, it has emerged.
The condition of the housing market is in its worst state since the mid-1990's according to the report published by the Royal Institution of Chartered Surveyors (Rics), reports the Financial Times.
The majority of housing surveyors were of the belief that prices were on the decrease in the areas where they work, rather than increasing.
And, unlike the crash which took place during the 1990's the crisis is affecting the whole country as opposed to just the south, Simon Rubinsohn, the chief economist at Rics, has claimed.
Robert Green, a London-based surveyor commented: "There is no doubt that the only people looking to buy in Fulham are those who have a specific reason to do so such as a job move or change in family circumstances."
In related news, twenty-eight per cent of people in the UK would be glad to see a fall in house prices according to the Telegraph.