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Embattled Housing Market Is Still On Rocky Foundations

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Britain's embattled housebuilding sector faces a fresh slump, as experts warned that property prices could continue to fall for years.

According to the latest survey by the Chartered Institute of Purchasing and Supply (Cips), confidence in the homebuilding industry fell to its lowest level since July 2009, ending 12 straight months of growth in the key index.

The Cips index slumped to just 45.4 – a mark of less than 50 signals contraction in the sector.

The latest survey also highlights troubling weaknesses across the housing market. According to building society Nationwide, UK house prices fell 1 per cent in the three months to September, losing 3.4 per cent in Scotland and 2 per cent in the North West of England.

And this could be just the prelude to a new and much longer real estate recession, forecasters warned.

‘My view is that we will see a continued correction in house prices, which will fall in real terms over the next four to five years,’ said George Buckley, chief UK economist at Deutsche Bank.

‘The correction hasn’t been deep enough yet. I see [house prices] weakening by 5pc next year.’

Read more: http://www.dailymail.co.uk/money/article-1317743/Embattled-housing-rocky-foundations.html?ito=feeds-newsxml#ixzz11Qh6maBh

Only 5 percent? Surely more, more, more!


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  • 417 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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