Thursday, 28 August 2008

And Finally....

Prime properties in the heart of rural England have finally been drawn into Britain's sliding housing market; it emerged today, as Nationwide Building Society reported that prices are falling at their fastest annual rate in almost 18 years.
Savills, the UK property agency specialists in the high end of the property market, said that deals involving country piles worth up to £5 million are declining, following a 45 per cent fall in transactions in Central London where prices fell by 7 per cent.
The company said: "Prime country property was initially less affected than London but is now following suit."
The company confirmed that it will cut jobs as a result of the dire market conditions but declined to comment on how many staff will lose jobs. In the UK alone, Savills employs 3,000 people.
Nationwide, the UK's largest building society, said the decline in house prices was now reaching double digits and falling at a rate not seen since the fourth quarter of 1990.
"House builders, in particular, have been reporting significant reductions in site visits and reservations of new properties since this time last year in spite of a big increase in the use of sales incentives."
Yesterday, it emerged that Taylor Wimpey, the UK's biggest house builder, is selling less than half a house a week on each of its sites, despite offering substantial incentives to homebuyers.
Uncertainty over house prices has prompted speculation that thousands of estate agents will be made redundant.

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