Housing market 'shows little sign of recovery'
Leading economists have warned today that house prices will fall further, according to a report on 24dash.com.
Figures released by the Nationwide Building Society have shown that housing prices have nosedived by 10.5 per cent in the last year - the quickest rate of decline for almost 18 years.
The latest statistics could lead many house hunters in the capital to reconsider and instead look to the rental market for long term accommodation.
Kelvin Davidson, property economist, told 24dash.com: "The economy is looking pretty bad, and there is no end in sight to the reduction in the availability of mortgage credit. I don't think there are any bright signs."
Nationwide's chief economist, Fionnuala Earley, has also said recently that she did not think a cut in the Bank of England's interest rates could stimulate the UK's property market.
Earlier this month, the Guardian newspaper reported that the number of people looking for rental property in London had increased significantly.
Published 28th August, 2008
© 2008 Estates IT Limited
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Leading economists have warned today that house prices will fall further, according to a report on 24dash.com.