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A recent report by BDO Stoy Hayward has revealed that true extent of rising business fraud across the UK. The study has shown an alarming 74% rise over the last six months and signs that worse is...
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Tuesday 15th April 2008
While the government and the Council of UK Mortgage Lenders argue over who is to blame and what needs to be done to protect the property market from the credit crunch, a damning report has been released by the Royal Institute of Chartered Surveyors. The report shows that almost 4 out of 5 estate agents saw a fall in sale prices in March which is the steepest fall since records began over 30 years ago.
The problems in the UK money markets are noted as the main reason for the unprecedented fall and while many observers are hopeful of assistance from the Bank of England in the short term, the situation is expected to get worse before it starts to recover. The basic problem is a weakening economy and lack of funding to buy properties, meaning that those with funding already in place can literally name their price in some cases.
Recent comments from the International Monetary Fund (IMF), speculating that UK house prices were over valued to the tune of 30%, are just one more reason for sellers to panic and buyers to remain on the sidelines. Whether this over valuation forecast is correct remains to be seen, but in this current environment of worry and panic it does nothing to brighten the outlook. |
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