Thursday, Oct 18, 2007
IMF states - UK Homes 40% overvalued -
thismoney: UK house-price bubble about to burst - IMF
Britain's housing market is overvalued and could face a spectacular slump, the world's leading economic institution warned yesterday. The International Monetary Fund said British property was overvalued by 40% and the growing credit crisis is likely to have a 'sizeable impact' on property prices. It said house-price rises in the UK, Ireland and Spain have been surging even faster than those in the US before the recent market collapse.
The report does offer some hope to concerned homeowners by noting that housing markets in western Europe have generally avoided the 'sub-prime' mortgage market which has collapsed in the US.
Other factors, such as strong immigration and lack of housing stock, are also likely to continue to support prices in Britain.
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