The impact of the global credit squeeze on the UK economy and housing market may yet turn out to be short lived, according to Savills. Recent financial market fluctuations impacted heavily on housebuilders’share prices last month, with values dipping by 10% in the days that saw a run on British lender Northern Rock. And the climate is already cooling the buy-to-let and prime London property markets, according to the Royal Institution of Chartered Surveyors (RICS) and Savills, which recorded 3.2% growth in the upper echelon, down from 9% in the first quarter. <br><br>But commentators have stressed that it is too soon to predict the medium term outlook, which may be influenced by mortgage lenders taking a more cautious approach and buyers holding back if the economy weakens and consumer confidence dips. RICS spokesperson Jeremy Leaf said: “It is inevitable that market uncertainty is going to make buy-to-let investors nervous. It is the smaller landlords – the ones with two or three properties – who are more vulnerable, since they may not be able or willing to take a longer view.” Lucian Cook, director of Savills Research, commented: <br><br>“We have decreased our base case scenario forecast in prime central London for …