Another gloomy housing market forecast |
14 2008 |
| A new poll of analysts shows that house prices are expected to fall by five per cent in 2008. Reuters has revealed that a survey of 30 analysts at banks, investment firms and research institutes painted a bleak picture for homeowners. An average of a five per cent decline in prices was predicted, with some analysts forecasting a drop of ten per cent. The bleak outlook suggests that many people are better off renting rather than buying at least until the market settles. "The fundamentals are so weak that it would require a prolonged period of base rate cuts to re-stoke house price inflation," Andrew Goodwin from Experian told Reuters. The Reuters poll is just the latest in a long line of negative predictions for the housing market. Website Home has forecast a ten per cent drop and even housing minister Caroline Flint has forecast a big fall of ten per cent "at best".  |
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