Construction suffers as demand falls away says National Homebuyers
The UK construction industry is struggling because demand for housing has fallen, spelling bad news for anyone seeking a fast property sale.
[UKPRwire, Fri Feb 01 2008] According to the Royal Institution of Chartered Surveyors (Rics), growth in construction workloads decreased in the final quarter of 2007.
It is bad news for anyone seeking a fast property sale as it means that fewer buyers are entering the market, potentially forcing prices down.
Further to this, confidence within the industry that work loads will pick up has fallen again as forecasts for the future of the market look bleak.
"A slowing housing and commercial property market, following the credit crunch and the Northern Rock turmoil have started to hit the construction sector," said David Stubbs, Rics senior economist.
"Current financial instability is rocking market sentiment and may see the industry enter a period of uncertainty. Doubts are likely to intensify over the ability of the government to meet its ambitious house building targets.
"Indeed, it is worth noting that new housing starts have already begun to stagnate in recent quarters," he continued.
Julian King of fast property purchase leaders National Homebuyers adds, "The continued limited number of buyers will keep house prices falling for sometime.
"Buyers are - rightly - not confident enough in the market right now to put their pound into the circus.
"Homeowners may not realise they are affected by the lack of buyers until it is too late. Property vendors must consider all available options if they need to sell property quickly".
Mr King is a director of National Homebuyers, the UK's leading quick sale property firm, guaranteeing to make an offer on each property surveyed within days with completion at a timescale to suit the vendor. The company also manages the Sell and Rent Back mortgage rescue scheme.