Investment Property News - Bueno Investments Limited

Property professionals believe that house price growth will resist
predictions of a recession but remain flat next year.

The Royal Institution of Chartered Surveyors also said the number of
repossessions will rise to 45,000 during 2008, up from around 30,000 in
2007.

Its latest report blames the credit crunch in global money markets, with
mortgage lenders tightening their criteria for house loans.

The news comes after the Council of Mortgage Lenders revealed its first
year-on-year fall in mortgage lending for more than two years.

Howard Archer, chief UK economist at Global Insight, said: "The generally
softer mortgage data for November provides further evidence that housing
market activity is slowing in the face of stretched affordability as well as
the tightening lending practices resulting from the credit crunch.

"Meanwhile, rising concerns about the overall state of the economy may well
make people more unwilling to risk stretching themselves to buy a house."

Copyright © PA Business 2007

http://www.buenoinvestments.com/uk_property_investment.php (UK property)

http://www.rics.org/ (Royal Institution of Chartered Surveyors)