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| Property demand expected to fall 25% Demand for property may dive by 25% this autumn. The Alliance & Leicester says it is because consumer confidence has been shaken by events in the US and the global economic slowdown. The impact of slowing world economies has now reached beyond the equity markets and caused a slump in homeowner confidence. In its quarterly assessment, the Alliance & Leicester found the number of people intending to move in the next 12 months has fallen to 6% from 8% at the beginning of the summer. It said this decline would cause demand for property to drop by 25%, and it is unlikely to pick up again quickly as most people appear to have put moving plans on hold, rather than just postponing them. The US terrorist strike on September 11 has also had a big knock-on effect on homebuyers' confidence. Research carried out a week before the attack found that 7% of people intended to move within the year, but this fell to 5% among people questioned in the days following the terrorist atrocity. A decline in demand for property was most marked in London, where it almost halved, falling from 12% to 7%, and the East Midlands where it dived from 12% to 3%. Regions which saw the biggest fall in people intending to move, taking into account responses before and after the terrorist attack, were those that had enjoyed the greatest buoyancy in the previous surveys. Demand for property in the West Midlands fell from 13% in the summer to 5%, while in the North West it more than halved from 9% to 4%. The South East saw the proportion of people thinking of moving dropping from 7% to 4%. 8th October 2001 |
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