Monday, Jul 13, 2009
Property futures still expecting 10% more falls to come
Tradition: "Future HPI" for June
The recent rally in house price forward values came to an end during June and early July, but one needs to view this retracement in context. The worst of the market’s destruction phase is over, but the road to recovery will be neither smooth or quick. While first time buyers are excluded from the physical housing market by severely limited bank lending, the relatively small number of house purchase transactions can make for choppy movement in the index month to month. Expect more of the same.News that one building society had offered a more than 100% Loanto Value mortgage to existing clients caused some consternation in the newspapers, but it needn’t have. After such a mark down of the house price why shouldn’t LTV rates recover for prime borrowers?
1 Comment
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1. little professor said...
Interesting the the five-year outlook is even lower - so much for a v-shaped recovery