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Fall in property sales suggested by Rics

19/05/2008

A warning relating to a fall in property sales has been issued by the Royal Institution of Chartered Surveyors (Rics).

According to reports, the organisation has suggested that property sales may fall by as much as 40 per cent over the course of 2008.

Indeed, the organisation has also forecast a reduction in the cost of properties, speculating that prices will decline by a total of five per cent.

"Money looks set to remain tight and many will continue to find that access to the market is restricted by cautious lenders," said Simon Rubinsohn, chief economist for Rics, an organisation with a history going back to 1868.

"This could have important ramifications for the wider economy."

It has also been suggested by Rics that the changes in the housing market could lead to a reduction of eight per cent in the levels of consumer spending.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according