House Price Rise - False Dawn?
Economists are warning that the recent rise in house prices could be a 'false dawn' forecasting that prices will fall by 1.6% in the first half of 2010.The Ernst & Young ITEM Club predicts that the shortage of property for sale is driving up prices and the shortage of buyers with large deposits means that there is a lack of support for higher prices.
According to the ITEM Club, a small number of cah rich buyers has supported prices, but once their funds are depleted, prices are likely to dip again.
ITEM forecasts a fall in prices this year of 11.4% and that it wil take 5 years before they again reach the level of prices in 2007.
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