HBOS Predicts House Prices to Fall by 9%
HBOS, the UK's largest mortgage lender, today predicted that house prices in the UK will fall by 9% this year.In a trading update, HBOS said the housing market remained "subdued" and the number of transactions this year would be down by 45% on 2007's level.
Today's forecast is a change to their statements earlier in the year: In February, HBOS said house prices would be "flat" in 2008. Then, in April, the Halifax house price survey predicted "a mid single digit percentage decline".
The bank is also seeing a rise in arrers: The proportion of its mortgages which are in arrears has risen from 1.3% at the end of December 2007 to 1.43% at the end of May.
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