18
Jan
Surveyors dismiss fears of a crash
Fears of a property crash have been dismissed by one o the UK's
biggest surveying firms which said house prices would grow by three
per cent in 2008.
CB Richard Ellis (CBRE) said speculation over an imminent price
crash was misplaced and the property market would ride the storm,
with the London market rising by as much as six per cent.
"Don't panic, it's a slowdown, not a crash," said Jennet Siebrits,
head of residential research at CBRE.
"After such a prolonged period of rapid house price growth, the
conjecture of a housing market crash comes as no surprise - the UK
housing market has traditionally been cyclical, characterised by
peaks and troughs.
"However, despite a clear weakening, we do not believe a crash is
likely."
To further strengthen the housing market many economists are
calling on the Bank of England's Monetary Policy Committee to cut
headline interest rates in February after they were held at 5.5 per
cent this month.
