House sales to fall 40%

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The number of house sales could fall by at least 40% this year, according to the Royal Institute of Chartered Surveyors (RICS).

The dramatic slowing in the market has also caused RICS to lower its forecast for house price growth in 2008. RICS says it now believes house prices will fall by 5% during 2008. It had previously envisaged prices remaining flat. RICS remains concerned about the effect a severe slowdown in house sales could have, with consumer spending likely to fall by around 8% during 2008 as less is spent on items such as furniture, carpets and DIY equipment. However, RICS does not believe repossessions and distressed sales will come to characterise the market, as they did in the early 1990’s, and says...

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