The Royal Institute of Chartered Surveyors takes a look at the credit crunch on the other side of the pond. 


Jun 11 2008 by Darren Devine, South Wales Echo
 
THE property market in South Wales suffered a triple blow today as the number of houses changing hands fell to the lowest level for 30 years, prices tumbled for a twelfth consecutive month and big building projects were scaled down.
 
The downbeat property market research by the Royal Institute of Chartered Surveyors (RICS) came as it was revealed work on the 108-home Cae Penderyn development in Georgetown, Merthyr Tydfil, had been cut back with just 42 new houses finished.
 
It is also understood that work on a Wimpey building site in Radyr, Cardiff, has been scaled down.
The RICS report offered little hope to homeowners, but experts did say decline is slowing.
 
The average number of sales per surveyor over the past three months has fallen to 17.4 in South Wales, the lowest level since 1978.