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Portman predicts housing market downturn in southern England

Portman Building Society says that uncertainty in the job market and talk of recession are causing a market slowdown in the south of England&#39s housing market.


The building society&#39s third quarter residential property review finds that house prices in the south of England are levelling out with increases recorded at less than 1 per cent.


The research supports the Northern Rock Building Society&#39s survey which found house prices in the north of England have risen by just 0.7 per cent in the last quarter.


Portman senior staff valuer Richard Atkinson says: &#34The housing market has become very patchy and the combination of sustained higher interest rates and talk of recession, have all had a negative effect causing a market slowdown with little evidence of further price increases.&#34

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