'8 people' chasing every available property

Posted: 27 Mar 2007 11:55:15 GMT

People seeking to sell a property now have an average of eight people looking to buy, as the housing market continues to boom.

People seeking to sell a property now have an average of eight people looking to buy, as the housing market continues to boom.

The figure emerges from claims by industry analysts over the current state of the housing market, the Daily Express reports.

It quotes a number of experts who state that in their view there is no end in sight to the trend of appreciation in property values, despite some predictions of a crash.

Nigel Terrington of Paragon Mortgages told the paper: "A serious correction in the housing market traditionally occurs as a result of a sharp economic downturn, which looks extremely unlikely."

Similarly, David Miles, chief UK economist at Morgan Stanley said growth would have to fall continuously "for a number of months" to dampen confidence, something he said was not the case at present.

Much attention has focused on the high price rises around London and the south east, but according to John Coleman, head of residential sales at Knight Frank, Scotland and Northern Ireland will continue to be the strongest UK markets this year.

He told Findaproperty.com: "We expect the housing market in Scotland to remain in robust health through the rest of 2007", adding that the property market would still perform well even if a further interest rate rise takes place.


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