Predicted Fall in House Prices
Wednesday, October 7, 2009 7:57
With Nationwide showing prices rising six times in seven months, the major UK property price indices have all registered gains in recent months. However, the rising unemployment, low wage inflation and continuing tight mortgage criteria are expected to further contribute to depressing UK’s property market and house price reports returning to registering falls.
The ratings agency Fitch become the latest organization to warn of further falls for UK house prices. It claims that the prices of properties in the UK will fall a further 20% once the current false dawn for a property market recovery ends. The agency has reiterated its believe that UK house prices will see a peak to fall trough of 30%, which will take the average value based on then Nationwide index down to £130000.
A W-shaped pattern for the property market was forecast, as property prices double-dip after a mini-revival.
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