Outlook for property market looks gloomy

According to a recent report the outlook for the housing and property market in the UK is looking particularly gloomy, with some officials stating that it is at its bleakest in thirty years.

Confidence levels in the housing market fell to their lowest in three decades according to the Royal Institute of Chartered Surveyors.

An official from the institute said: “Sentiment is at a very low ebb and will continue to remain depressed while the economy suffers from this unique liquidity blight.” The institute also added: “Many would-be buyers are either struggling to raise the necessary finance to precipitate a move or are exercising caution in the light of current economic uncertainty.”

However, an official from the National Association of Estate Agents said that things were not as black as had been painted, stating: “The market is battling with the credit crunch, which has undoubtedly had an effect on confidence. However, the key factors that underpin the housing market still exist - low unemployment, historically low interest rates and a pent-up demand for houses.”

He also said: “We can see from the figures that it is not all doom and gloom out there and we need to tread very, very carefully before making long-term judgements on the market at this current, unsettled, time.”