Economic uncertainty is weighing on the property market in the UK, the latest survey carried out by the Royal Institution of Charted Surveyors (RICS) shows. According to the organisation, there was a decrease in the number of sales dealt with by its members in August, while new buyer enquiries also fell among those questioned. The country's economic situation was cited by 79 per cent of respondents as one of the main factors affecting the real estate sector, while a lack of finance for buyers is also said to be a problem.
RICS housing spokesperson Alan Collett stated: "The risk is that the worsening economic picture will gradually begin to have a more material impact on sentiment and discourage potential house purchasers even where more mortgage finance is available." However, a report published by Savills earlier this month suggested that the UK property sector is still considered a "safe haven" among many investors amid global economic issues.
- Thursday 15 September 2011