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Property sales set to fall by a third
Aug 6 2008 by Tony McDonough, Liverpool Daily Post
PROPERTY experts are predicting that the total volume of property traded globally this year will fall by at least a third because of the credit crunch.
Jones Lang LaSalle this week reported that £119bn of property had been traded in the first six months of the year – a fall of 41% on the same period last year.
Tony Horrell, chief executive of the firm’s European capital markets team, said: “The fall in volumes was driven by global credit conditions which made debt both less available and more expensive.
“As a result, many purchasers are unwilling or unable to transact at prices seen in 2007, while vendors are unwilling to reduce expectations.”
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