House Price Slump Approaching?
A report in today's Daily Telegraph warns that a sharp fall in house prices may occur this year and that there is a risk of a 'full-blown' recession.Roger Bootle, of Capital Economics, says the UK is facing its bleakest period since the recession of the early 90s. He says that the decade-long boom in house prices has ended, which will impact consumer spending, long sustained by rising property values.
According to Deloitte: "a fall in employment, or even slower employment growth, could further undermine the housing market and significantly reduce the ability of household spending to propel the economy forward."
To help deter recession, Deloitte says that a series of interest rates cuts are necessary, forecasting that rates will drop to 4% in 2009.
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