Warn­ing as mar­ket ac­tiv­ity drops off

Yorkshire Post - Property - - PROPERTY -

THERE was a sharp fall in trans­ac­tions last month, the LSL Acada­met­rics house price sur­vey re­ports.

It re­veals that prop­erty trans­ac­tions fell al­most six per cent in Oc­to­ber.

Mean­while, Savills has halved its fore­casts for the UK hous­ing mar­ket. It fore­cast that trans­ac­tions this year will end up on around 850,000, or just over half the nor­mal pre-credit crunch an­nual level. It warned that trans­ac­tion lev­els over the ten years to the end of 2016 could be seven mil­lion fewer than in the pre­ced­ing ten years.

The firm’s di­rec­tor of res­i­den­tial re­search, Lu­cian Cook, says: “The Govern­ment’s aus­ter­ity mea­sures have af­fected house­hold fi­nances and home buyer con­fi­dence.”

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