Housing market 'to be sluggish'

Posted: 24 Aug 2010 10:32:44 GMT

The housing market will be fairly slow in the second half of this year, an estate agency has predicted.

Director of research at estate agency Savills Jacqui Daly said those selling their home may find it a little harder as the pace of economic growth slows in the later months of the year, although she suggested there will be regional variations.

She concluded: "Because of the constraints in the mortgage market we don't see transaction activity picking up substantially," noting that it is among cheaper homes where the level of sales is likely to be lowest.

However, the good news is that this will not be accompanied by a fall in prices, Ms Daly advised.

Such a prediction may be reassuring for those selling their home, after a recent study revealed many have had to trim their asking prices.

According to Zoopla.co.uk, 32 per cent of properties on the market have had this figure reduced at least once since the home was put up for sale.
 

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