Financial News

• Brown dismisses housing crisis fears (09 04 2008 10:15)
• Mortgage hope offered by bank (09 04 2008 10:15)
• Consumer morale 'falls again' (09 04 2008 10:15)
• Bristol & West withdraws deals (09 04 2008 10:15)
• Retirees feel 'unhappy due to no longer working' (09 04 2008 10:15)
• Severn Trent to be fined £36m (08 04 2008 04:15)
• Brown to announce first time buyers help (08 04 2008 04:15)
• UK bank details 'for sale by thieves' (08 04 2008 04:15)
• Last 100% mortgage to disappear (08 04 2008 04:15)
• High earners 'shut out of market' (08 04 2008 04:15)

Subscribe!

Market 'flat', agents say

Estate agents predict "grim times ahead" for the housing sector in the UK, the Guardian reports.

The widespread erosion of home prices - especially outside London - in the wake of the credit crunch was blamed for the slowdown.

David Potter at Norwich agency Potter & Co told the newspaper that the market was "flatter than an already flat pancake".

He added: "Buyers are frankly afraid to buy a house right now because they fear it will be worth £50,000 less in six months time, and you can't blame them."

Those hoping to remortgage their homes will also be affected by the downturn, with lenders scaling back their best offers and keeping interest rates high.

Paul Kingscote at Bristol-based Maggs & Allen also said: "There has been a market correction of between five per cent to ten per cent - and while things have started to look up recently, the market in newly built properties has taken an absolute hammering."

Send this article to: