Rics research highlights lengthy property woes |
11 2008 |
| House prices in the UK look set to be facing a downturn for a considerable amount of time as the Royal Institution for Chartered Surveyors (Rics) reports that almost all major markets are affected by the growing financial crisis. Figures from Rics' annual global commercial property research will remind buyers of the exposure of UK housing to international factors. The conclusions of the research include the suggestion that all major markets apart from China are being affected by the financial downturn, giving many potential buyers in the UK a good reason not to invest in property at present. Simon Rubinsohn, Rics chief economist, said: "The worsening economic climate is taking its toll on the commercial property markets in most parts of the world. "Large interest rate cuts by central banks should eventually provide some support. However, with liquidity still tight and tenant demand softening, further pressure on the commercial sector is inevitable in the near term." Many of those faced with the choice between buying in the UK or renting are now choosing to rent to take advantage of the lower financial risks involved.  |
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