UK Money News
15th April 2008
Rics reveals further housing gloom
The housing market slump accelerated last month with a record number of chartered surveyors witnessing a fall in property prices, according to a new survey.
The Rics poll found that the net balance of surveyors reporting a decline in house prices during March slipped to -78.5, the worst figure since the survey began in 1978.
"The risks of a serious housing-led slowdown in the UK are rising by the day," said George Buckley, chief UK economist at Deutsche Bank.
The credit crunch has made the cost of borrowing more expensive for both consumers and banks, despite the Bank of England reducing rates to five per cent.
"Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight," said Jeremy Leaf, Rics spokesman.
Britain's largest mortgage lender Halifax reported last week that house prices dropped by 2.5 per cent in March, the highest monthly fall since the early 1990s.
Nationwide’s housing index has seen the market contract for five consecutive months.
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