Thunder cloud of distressed sales'hangs over market'
News Category: Industry News
Published: 09-Jun-2010
An increasing number of chartered surveyors are predicting a rise in distressed properties coming on to the market in the UK.
A global survey by the RICS found that 42% of surveyors expect to see a rise. The previous survey three months earlier found that only 14% of surveyors were forecasting a rise.
The new survey showed that surveyors in 19 out of 25 countries expect to see more distressed sales.
The expectation is highest in Ireland and America, followed by Scandinavia, New Zealand and Hungary.
Oliver Gilmartin, RICS senior economist, said: “The issue of distressed property assets has not yet gone away despite a modest recovery in values across most global property markets in the past 6–12 months.
“Indeed, this is the thunderous cloud which overhangs the market.”
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