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While unemployment and real interest rates remain low and the country's gross domestic product is predicted to grow, the housing market seems to be in the grip of a rapid slowdown, according to Forbes.
According to the Royal Institute of Chartered Surveyors (Rics), the leading source of land, property and construction data in the UK, has said house sales in the country could fall by 40 per cent by the end of 2008, reports Forbes.
In addition to a deterioration in house price sentiment, Rics reports that the ratio of completed sales in the last three months to the stock of unsold properties on the market has hit its lowest level since 1996.
Meanwhile mortgage approvals have dropped by 44 per cent in the last year.
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