UK House Prices to Take a Decade to Recover
A report from Legal & General Investment Management (LGIM) says that house prices in the UK will take a decade to recover from their 2007 peak.LGIM forecasts that prices will fall by a further 10%-15% in 2009, before stagnating for the following 4 to 5 years, as incomes catch up with house prices. The forecasted fall in prices is 30% from the 2007 peak. LGIM says the recovery will take longer because of the changes taking place in banks' lending practices with banking lending less of a property's value than in the past.
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