Property market will not crash

Posted: 03 Sep 2007 14:39:07 GMT

The UK property market is not set for a crash despite recent scaremongering from some quarters.

The UK property market is not set for a crash despite recent scaremongering from some quarters.

Rightmove says there is no reason to panic despite recent figures suggesting that price growth in the country is slowing down.

Ed Williams, group managing director, told the Times that the market will not crash but will instead continue to slow at a steady pace.

"There is a slowdown in the housing market, but it's something we do not believe is anything like as traumatic as in some reports," he said.

"It has been slowing down in areas outside of London for a year, so it's a typical soft landing."

Although homeowners will not be pleased to see house price growth slowing down, Rightmove's commercial director Miles Shipside told the newspaper that it could be just what the market needs.

"A slowdown is good for the long-term health of the market, affordability needs to come back," he said.

The latest figures from Nationwide put house price growth at 9.6 per cent in August, down from 9.9 per cent the month before.

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