17 Mar

Prices in the West 'take a hit'

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". ADNFCR-1222-ID-18512636-ADNFCR

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