Tough choice for homeowners who need more space
British homeowners who want more living space face a choice between moving or improving.
On the one hand, they could take a risk and try to sell their house in a still fragile market, while on the other they could extend their property with a bespoke conservatory or glazed kitchen extension.
The former option may be less appealing after Savills suggested that the housing market will slow in the second half of 2010.
Director of research Jacqui Daly explained that the mortgage market is causing a constriction in property transaction numbers.
She noted that the markets in the north and south of the country are very different and said it is hard to make sweeping statements about the whole country.
"[However,] we have seen a stabilisation in terms of the level of stock coming onto the market," the expert said.
"The economy is slowing and we expect the housing market to slow down again in the second half of this year."
Ms Daly added that the firm is predicting that transaction levels will stay low, although there is unlikely to be major price drops.
Posted by David Waxman 
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