British house price inflation slows
Tuesday, 23 October 2001House price inflation in Britain slowed to a five-month low in September as last month's attacks in the US shook confidence, the Royal Institution of Chartered Surveyors said this morning.
It said the difference between chartered surveyors reporting price rises and those reporting price falls dropped to 38% in September from a revised 49% in August, the lowest since April.
'We originally forecast a downturn for the housing market in the autumn because of the expected slowdown in the economy, coupled with recovery in the early part of 2002,' said Ian Perry, RICS national housing spokesman.
'We can now expect to see that recovery delayed until the spring or possibly the summer of next year,' he added.
The slowdown could have far-reaching repercussions for the overall economy, given that three-quarters of Britons own their own homes and housing wealth is closely tied to consumer confidence.
