Thursday, July 12, 2012
House price stalemate
House prices will not recover their pre-crisis peak until 2024, according to analysis by PricewaterhouseCoopers. The warning that the UK housing market is only at the start of a 17-year, inflation-adjusted slump came as the accounting firm predicted that the economy will flat-line this year before growing just 1.7pc in 2013. Average house prices will have bounced back to their 2007 high in cash terms by 2017, PwC said, but will need another seven years to catch up with inflation. By 2020, headline prices will be up 30pc but still 7pc below their real terms peak.