Sep 10, 2008
Commenting on new figures from the Royal Institute of Chartered Surveyors (RICS) showing that house sales have fallen to a record low, and house-builder Redrowâ€™s announcement that profits have fallen by 46%, Liberal Democrat Shadow Chancellor, Vince Cable said:
“Day after day we hear yet more bad news for the housing market, as people continue to feel the pinch from Britainâ€™s struggling economy.”
Vince Cable went on to say: â€œThe ongoing credit crunch, along with the Governmentâ€™s absurd dithering over stamp duty reforms, has ensured that the housing market has continued to struggle.
â€œThe reality is that the housing market is still overvalued and likely to fall still further in the coming months. In these conditions it is only those with no option who are selling their homes.
â€œRather than trying to artificially prop up the housing market, the Government must take action to ensure that those on the verge of repossession do not end up homeless.â€