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David Miles, the incoming member of the MPC, has this evening suggested that the worst of the UK recession may be over and house prices may have bottomed out. While there is some scepticism with...
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Friday 5th December 2008
Over the last few months we have seen a major deterioration in the UK property market with prices falling month by month and many desperate sellers willing to knock thousands off their asking price. However, surprisingly we have seen very few bargain hunters step forward which is something of a major concern for those in the sector.
There appear to be a number of reasons for the inactivity on the purchase side with future price reductions probably at the top of the list. More and more experts are suggesting prices will fall substantially over the next 24 months and with this in mind many potential investors seem happy to stay on the sidelines for the moment. There had been an issue with mortgage funding liquidity but this has reduced slightly over the last few weeks and those with good credit ratings and steady income streams stand a fair chance of obtaining finance.
There had been suggestions that auction houses were seeing more interest in repossession homes but this again seems to have gone quiet over the last few weeks as more depressing news on the economy and the housing market continues to flow. |
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