Is The UK Housing Market Set To Fall?
House prices recorded another strong year in 2007, underpinned by significant economic momentum, ongoing housing shortages and strong buy-to-let demand. A worldwide economic boom allowed London to benefit from its position as one of the globe’s financial hearts, while the manufacturing sector shook off the strong pound and the cost of expensive raw materials to record a reasonably strong year. The upbeat economy proved supportive of buyer confidence and proved to be a great factor in keeping housing demand at high levels, especially during the first six months of the year. However, the Department of Communities and Local Government (DCLG) said that price inflation fell slightly late last year, from 11.3 per cent in October to 9.5 per cent in November. Although the figures are not very positive, most analysts had predicted a downturn in price growth as a result of the global credit crunch. The Royal Institution of Chartered Surveyors (Rics) has backed the view and said that the UK housi
