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No Property Crash
HOUSE price growth is slowing as the credit crunch tightens its grip, but a crash is not on the cards, top-end estate agent Savills said today.
In an interim management statement, the firm said that the current economic crisis had started to affect London's luxury house market, with prices falling 1.5 per cent in the first three months of the year.
But the firm's Edinburgh office said that the economic conditions have only had a slight impact on the Capitals house market.
Jamie Macnab, director of Savills in Edinburgh, said: "What has happened as a result of negativity in press reports has been the inevitable slowdown of the market, and it was slow over the Easter break.
"However, things are picking up again now".
In its latest Scottish residential market review, Savills, which mainly deals in properties valued from £500,000 to £2 million, forecast average house price growth this year of four per cent, down from 12 per cent in 2007.
When Savills announced its results for the year ended December 31, 2007, its chairman reported that 2008 would be a challenging year for the property industry worldwide.
Trading in the first quarter of this year has borne that out, according to the company.
The UK commercial property investment markets have seen further rises in yields in the first quarter, but at a much slower rate than was seen towards the end of 2007. Savills said that regional luxury property prices fell by 0.5 per cent, but Savills said prime property markets across the UK were under pressure.
Mr Macnab said: "There is some uncertainty on the behalf of buyers because of what they read and hear, but the signs are that there will be no large price drops"
http://www.investalist.co.uk
HOUSE price growth is slowing as the credit crunch tightens its grip, but a crash is not on the cards, top-end estate agent Savills said today.
In an interim management statement, the firm said that the current economic crisis had started to affect London's luxury house market, with prices falling 1.5 per cent in the first three months of the year.
But the firm's Edinburgh office said that the economic conditions have only had a slight impact on the Capitals house market.
Jamie Macnab, director of Savills in Edinburgh, said: "What has happened as a result of negativity in press reports has been the inevitable slowdown of the market, and it was slow over the Easter break.
"However, things are picking up again now".
In its latest Scottish residential market review, Savills, which mainly deals in properties valued from £500,000 to £2 million, forecast average house price growth this year of four per cent, down from 12 per cent in 2007.
When Savills announced its results for the year ended December 31, 2007, its chairman reported that 2008 would be a challenging year for the property industry worldwide.
Trading in the first quarter of this year has borne that out, according to the company.
The UK commercial property investment markets have seen further rises in yields in the first quarter, but at a much slower rate than was seen towards the end of 2007. Savills said that regional luxury property prices fell by 0.5 per cent, but Savills said prime property markets across the UK were under pressure.
Mr Macnab said: "There is some uncertainty on the behalf of buyers because of what they read and hear, but the signs are that there will be no large price drops"
http://www.investalist.co.uk
Healthy Demand For Letting Properties
Investors are well placed in todays market as the demand for letting properties has increased.
Letting agent advertising has increased by 6 per cent as the returns are now excellent.
Now is a good time to look at property suitable for letting. However as with all purchases and especially in view of the market, attention must be paid to pricing both in the purchase and rentals.
http://www.investalist.co.uk
Investors are well placed in todays market as the demand for letting properties has increased.
Letting agent advertising has increased by 6 per cent as the returns are now excellent.
Now is a good time to look at property suitable for letting. However as with all purchases and especially in view of the market, attention must be paid to pricing both in the purchase and rentals.
http://www.investalist.co.uk
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