DANGER OF WELSH HOUSE PRICE CRASH

April 15, 2008 12:00 AM

Today, the Government released figures showing house prices in Wales fell by 2.4%, in February, well above the UK average of 1.6%.

Darlows the estate agents also announced the closure of three estate agents offices in South West Wales due to the credit crunch.

In addition, the Royal Institution of Chartered Surveyors (RICS) published figures from its housing market survey today for March 2008, showing that confidence in the sales outlook in the Welsh housing market is at its lowest in the survey's history.

Commenting, Jenny Willott MP said:

"We are seeing a major and long-overdue correction in the housing market in Wales, and across the UK. The worry is that combined with high numbers of bankruptcies, record personal debt levels and high inflation, this correction may become a housing crash.

"The Government must take measures to ensure that we do not end up with mass household repossessions, which will only make a housing crash worse."

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