Warning as market activity drops off
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.”