House Price Predictions 'Futile'
According to the Council of Mortgage Lenders (CML), trying to predict the short term future of house prices in the UK is 'futile'.In May, the CML predicted prices would fall by 7% this year, which they now recognise is wide of the mark. The CML is now waiting for greater clarity before making any further forecasts, but commented that an expectation of prices falling by 25% from their peak a year ago, is now becoming the industry consensus.
It also predicts that the housing market is unlikely to recover from its current slump before 2010.
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