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LONDON-The UK housing market is still in robust good health according to the latest report issued by the Royal Institute of Chartered Surveyors (RICS). Despite predictions that the market was set to tumble RICS spokesman Ian Perry said: ‘Through the traditionally quieter summer period the market took the opportunity to draw breath and settle down. The predicted downturn is yet to happen.’

The number of completed sales reached its second highest level since 1993, rising 7% over the last three months and demand for property was still ahead of supply. Price rises are starting to level off although the current rate of increase is still at record levels. East Anglia saw the highest house price rise , followed by the North West. London saw a slight slowdown, although the underlying trend is firmly upward.

With the market traditionally being stronger in the autumn , with buyers and sellers returning to the market after the summer break, there appears little signs of any market slowdown as yet although some agents feel that there may be a very gradual tail off in activity towards the end of the year.

So far the attack on the United States has yet to have an impact on the housing market although Perry said: ‘International uncertainty will undoubtedly have an effect on the UK economy, and with it the housing market. The current situation certainly will not help, particularly given the signs of a slowing economy.’

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