14th October 09: PPR - Rising unemployment spells uncertain winter for thousands

Nick Hopkinson, Director of Property Portfolio Rescue comments on the latest UK unemployment figures:

“UK unemployment continues to rise and will exceed 2.5million this month. Job vacancies are currently the lowest since the credit crunch started in 2007 and average earnings are also falling. Businesses are struggling with no real sign of credit funding increasing and even the public sector is facing cutbacks in the next few months.

"Set against a backdrop of increased taxes and reduced public expenditure next year; this spells an uncertain winter for thousands of households who are already struggling with debt. Unemployment will hit 3million next year and this will in turn drive house prices lower again.” 

For further insight and commentary on the impact of today's news on the residential property market Contact us.