|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |   
Tuesday 30th of June 2009
November 7, 2007

Experian forecasts widespread house price falls


by Gill Montia
”Experian

Experian has published a report in which it predicts that property prices will fall across half of the UK over the next 18 months.

The credit reference agency has based its findings on the expected outcomes of the worldwide credit squeeze and a loss of confidence in the UK property market.

Buyers, and particularly first-time buyers, are taking a “wait and see” attitude, while in addition, mortgage lenders are tightening their lending criteria.

In 2008/09 Experian expects the UK property market to record the lowest annual increase since the mid-1990s.

Areas where prices are expected to fall are as follows: West Midlands, -4%: East Midlands, -3.7%; South West, -2.8%; Northern Ireland, -2%; East of England, -0.7%; South East, -0.4%

Areas where prices could rise include: London, 6%; Scotland, 7.7%; Wales, 3%.

At the same time, repossessions are predicted to reach a 15 year high.

The figures presuppose that lenders will not come under further pressure to tighten their lending criteria.

Should that happen prices could fall across the whole of the UK.

Experian also expects economic growth and consumer demand to slow during 2008, with improvements only occurring in 2009 if interest rates are cut.

Discuss this in the Finance Markets forums

Story link: Experian forecasts widespread house price falls


Add to Bookmarks:

ADD TO DEL.ICIO.US     ADD TO DIGG     ADD TO FURL

ADD TO STUMBLEUPON     ADD TO YAHOO MYWEB     ADD TO GOOGLE     ADD TO SPURL

 

Tags:

 

Previous: « Bovis reports slow autumn sales
Next: Mortgage market uncertain on base rate change »

Visited 1945 times, 1 so far today

No Comments »

No comments yet.

RSS feed for comments on this post.

Leave a comment