17
Mar
Prices in the West 'take a hit'
House price growth in the Western world has been hit by uncertainty
surrounding the economy, Knight Frank said this week on its Global
House Price Index.
In the last quarter of 2007, growth in the UK slowed down to its
lowest annual rate since the final quarter of 2005, the
organisation claimed.
However, growth in Northern Ireland stayed high at 24 per cent, but
in comparison this figure was three per cent for Yorkshire and
Humber.
Knight Frank's head of residential research Liam Bailey stated that
the credit crunch has had an impact.
"The Knight Frank Global House Price Index shows that while
property prices in Europe and America appear to be suffering from
the downturn in economic conditions; prices in Asia and elsewhere,
notably Singapore and Hong Kong, are performing very well," he
commented.
Recently, the Association of International Property Professionals
claimed that talk that the boom in European prices is over is
slightly "apocalyptic". 