Thursday, May 22, 2008
Council of Mortgage Lenders 2008 House Price Forecast Busted
The Market Oracle: Council of Mortgage Lenders 2008 Housing Market Forecast Demolished
The Council of Mortgage Lender (CML), revised their forecast for UK House prices for 2008 from an anticipated rise of 1% as of Oct 07 to now project a fall in prices of 7%. The CML, inline with its member institutions has a vested interest in talking up the housing market as evidenced by the inaccuracy of their housing market forecasts during periods of falling house prices.
As a reminder to readers, the Market Oracle forecast for UK house prices made ahead of the actual peak in the housing market in August 2007 is for a 15% drop over 2 years from August 2007 to August 2009, therefore forecasting a 7% to 7.5% drop for the year 2008.
Posted by nadeem walayat @ 06:38 AM (211 views) Add Comment
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