Property Sales To Slump

Published on June 15, 2010 | Author: admin

Filed Under Housing Market News | Leave a Comment 

Can you act quick enough before the house sales go down again?

Latest news further revealed the effect of the public sector cuts on the housing market. The property market is reported to get hit drastically. This has to do with the fact that a large number of public sector workers are homeowners, with 50,000 of them set to lose their jobs within the next 9 months following the £6.2 billion cuts in spending. This figure only represents the number for the near future, however, it is predicted to increase to 750,000 in long run. According to Simon Morton, an independent housing analysts, ‘some 65% of public sector workers are homeowners, representing 25% of the UK’s total. Buying and selling will be a low priority in the next few years if their jobs are vulnerable and their pay frozen or cut’.

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