The Independent (one of the UK's national papers) printed an article today forecasting sharp falls in property prices. It's posted on their website at:
http://www.independent.co.uk/news/business/news/how-long-can-the-housing-market-avoid-a-crash-2014108.html
The UK market has been weird for the last couple of years. Prices starting falling sharply in autumn 2007, before suddenly turning in the spring of 2009 and rising since then. I'm not sure of the exact figures, I believe that it was a drop of around 20% followed by a rise of about 10%.
In some parts of London prices are higher than they were in 2007.
I say weird because most of the rises in the last 18 months have been against a backdrop of the worst recession since the Great Depression, stagnant wages, rising unemployment, low transaction rates (less than half of what they were in 2007) and severe restrictions on mortgage availability. I'd expect falls under those conditions.
http://www.independent.co.uk/news/business/news/how-long-can-the-housing-market-avoid-a-crash-2014108.html
The UK market has been weird for the last couple of years. Prices starting falling sharply in autumn 2007, before suddenly turning in the spring of 2009 and rising since then. I'm not sure of the exact figures, I believe that it was a drop of around 20% followed by a rise of about 10%.
In some parts of London prices are higher than they were in 2007.
I say weird because most of the rises in the last 18 months have been against a backdrop of the worst recession since the Great Depression, stagnant wages, rising unemployment, low transaction rates (less than half of what they were in 2007) and severe restrictions on mortgage availability. I'd expect falls under those conditions.