/24-7PressRelease/ - LONDON, UK, March 20, 2008 - Prime London property prices are causing the market downturn. Volumes of properties have changed hands in the five million pound-plus market last year. The real estate market net worth was down 23 percent on the year, while the value of deals has also declined 11 percent. This fact is definitely shocking compared to a 106 percent surge in 2006.
The global credit crunch has not swayed its presence in full volume. Now, the credit crunch for the UK real estate market is the elephant in the drawing-room. But, from the initial symptoms the consequences can be easily estimated. The chances of job losses and lower bonuses would definitely hit property, particularly in the one to seven million pound price range.
No major shock-wave is expected this month. Some quarters are also of the view that the market may get back to normal. There's not enough evidence to suggest that the real estate market is all set to crash into a buyers' market with sellers willing to sell at any price. At some stage, there has to be some bounce-back where people will think to play safe with the immovable property. Douglas & Gordon expects prices in the middle market -- up to 2 million pounds -- to be flat in the first half of 2008, and there will definitely be a nominal rise in the second half.
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