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Britain's Property Market In 'double-Dip'

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Net lending, which strips out redemptions and repayments, was just £112 million in September, down from £1.62 billion in August, according to the latest mortgage figures published by the Bank of England.

Lending figures are unlikely to pick up in the coming months as banks restrict the best deals to borrowers with substantial deposits.

Nida Ali, an economic adviser to Ernst & Young ITEM Club, said: “The UK housing market is indeed in the midst of a double-dip.

“Housing demand continues to be depressed while those willing to buy a house will have difficulty in financing their purchase.”

"This coupled with the fact that an increasing number of people are putting their properties on the market is exerting a downward pressure on prices.

"Moreover, recent trends suggest that the state of the wider economy- particularly the labour market- is likely to remain unsupportive in the months ahead. Thus house prices will continue falling during the rest of the year and into 2011."

Her analysis is worth every penny.

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  • 444 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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