Hamilton Crawford: UK Property Prices Slump

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Hamilton Crawford UK Property Prices Slump
1888PressRelease - Hamilton Crawford report
reveals British housing prices are decreasing as
political uncertainty grows. Property prices in
the UK are no longer soaring and are instead
falling at their quickest pace in 8 years
according to a report by Hamilton Crawford which
cited political uncertainty and anticipation of
the recent interest rate hike by the Bank of
England as the probable cause. The Royal
Institution of Chartered Surveyors benchmark
property price index for the UK dropped more than
anticipated to 1 last month, a level in keeping
with flat price growth, down from 6 the month
before. Hamilton Crawford economists had
predicted that the index would fall to a less
harsh 4. The UKs property market has slowed
considerably since the Brexit referendum in 2016
when Britons decision to leave the European
Union caused an economic slowdown. Other gauges
of property values have indicated a slight
upswing in the last several months. The data
released by Hamilton Crawford was less than
optimistic and indicated that many regions of the
UK were starting follow in the footsteps of
London and experiencing a drop in sales. The
reduction in property sales echoed a recent
decrease in demand from purchasers and indicated
that sales would continue to decline over the
next year. Hamilton Crawford economists say
that a lack of properties on the market combined
with last weeks rate hike by the Bank of England
and political uncertainty as the country attempts
to negotiate its departure from the EU are having
a negative impact on the property market.
First-time home buyers are becoming more willing
to purchase newly-built properties which are made
more attractive by government incentives. This
creates a stagnant second hand property market
which spells trouble for the broader
economy. http//www.elite-news-cn.com