Britain’s booming housing market set for further slowdown

Britain’s once booming housing market is set for further slowdown this year, property experts are warning. Some homeowners are now waiting up to ten months to sell their properties while others are slashing tens and hundreds of thousands off asking prices. Estate agents forecast the number of homes bought or sold in the UK will […]

Britain’s once booming housing market is set for further slowdown this year, property experts are warning.

Some homeowners are now waiting up to ten months to sell their properties while others are slashing tens and hundreds of thousands off asking prices.

Estate agents forecast the number of homes bought or sold in the UK will fall by 11 per cent this year, according to The Times.

It would be the lowest levels since the market recovered from the 2008 financial crisis and economists believe house price growth now will halt this year.

Prices across Britain fell 0.9 per cent last month according to Halifaxand southern England is being particularly affected.

 

The situation has left many sellers “trapped” in homes they would rather leave — and first time buyers are also being hit with a lack of available homes.  (thesun.co.uk)