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Invesco's Woodford Says Chances Rise For Double-Dip

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LONDON, Sept 14 (Reuters) - Invesco's Neil Woodford, one of the UK's top fund managers, added his voice to those with gloomy predictions for the UK economy, saying a double-dip recession has become more likely and house prices face three years of falls.
He said the threat of deflation was a more challenging issue than inflation, and that interest rates in the UK would likely stay at their record lows for a "considerable amount of time".

He expects house prices in the UK to fall this year and next, and possibly the year after, even though he was taken aback by their resilience in the wake of the financial crisis.

"Frankly I've been surprised at how well house prices have held up. (But) with a lag, we are beginning to see some weakness in the market as more supply is coming on to the market. I expect house prices to continue to fall ... and that will put pressure on consumer confidence," said Woodford.

He said house prices could fall by between 5 percent and 10 percent per year over the next 36 months.

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  • 440 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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