UK property market slowing with market predicted to be flat for rest of year and into 2011

[Nicholas Wallwork]

The UK residential property market slowed in August, following the traditional cyclical pattern, and the longer term trend is broadly positive as the sector is in a strong year on year position, according to a new report.

The monthly market report from the National Association of Estate Agents (NAEA) shows that the number of people registering with agents fell on average from 292 in July to 250 in August. The number of sales made by the average branch also dipped slightly, from eight in July to seven in August. The percentage of sales made to first time buyers dropped from 26% to 21% from July to August.

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[mortagage]

It seems that London is the only place in the UK worth investing in currently. Apparently this is at the higher end of the property market.

 

[dejavu619]

Hello

Thats a bit worrying in my part. I was planning to invest in my cousin's business in Uk and knowing that the sales fell like that, i am beginning to have a doubt. But anyways, thats business, success or failure are the only result. hehe

 

[mortagage]

Good point, people don't want to invest because they are scared of losing money. This mindset is prolonging the credit crunch I guess.