Declining Market – Alarming Reports

1st May 2008

T. Wyn Jones

The latest Royal Institution of Chartered Surveyors (RICS) survey, showing price falls more widespread than at any time since 1978, is further confirmation that house prices in the UK are now declining after a decade-long boom. Other surveys, such as those from lenders including the Halifax and the Nationwide, have reported recently that prices are now lower than they were a year ago. Rics said that regions where prices had still been rising until recently have now been caught up in the general decline.

Even for an Agent with the most positive of attitudes we have to respond to the economic climate and advise our clients accordingly. With the news as gloomy as it is, people still wish to or have to move. The market will undoubtedly be tougher this year but with sound, realistic advice we are still confident that we can ensure our clients have the best possible chances of selling. It is now a buyers market and so buyers who can proceed with a purchase are more important than ever, so we have to look after those as well as looking after our vendors. What the market lacks most is confidence but with a down to earth approach to value, and an understanding of what our clients need, we can make sure that the market keeps moving in these difficult times.