UK house prices 'set to fall'
www.moneynews.co.uk > Mortgages > UK house prices 'set to fall'
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Money News |
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UK house prices 'set to fall'
Fri 10th Feb 2012
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According to the latest Halifax Housing Market Confidence Tracker, nearly a third of Brits believe house prices will rise rather than fall in 2012.
However, Paul Holmes, chief executive officer of Firstrung, said this is unlikely to be the case due to the overriding economic background in the UK at present, with a three to five per cent reduction a more likely outcome over the year.
He commented: "Halifax really need to move away from idle propaganda and begin to look at the cold, hard facts."
Mr Holmes noted rising levels of unemployment and continuing strains on household finances will make property less affordable over the coming months.
Furthermore, the number of houses being sold is currently at half the level seen during the peak of the market back in 2003.
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