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Cometh the hour, cometh the man as they say, well this must be Gordon Brown’s hour with news that European leaders are looking to replicate his UK rescue blueprint right across the board. As one...
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Wednesday 14th May 2008
House prices are set to fall by "at best" between five per cent and ten per cent this year, according to forecasts in confidential government documents.
The cabinet's expectation was revealed after Caroline Flint, the housing minister, inadvertently left her briefing notes on display after a meeting at Downing Street.
Her notes, which were headed 'Caroline Flint - speaking notes, State of Housing Market', said: "Given present trends they will clearly show sizeable falls in prices later this year - at best down five to ten per cent year-on-year.
"The market is being affected by the global credit crunch which is making it difficult for many who would like to buy to do so. We can't know how bad it will get."
Earlier on Tuesday a report published by Communities and Local Government showed that house prices fell by 0.1 per cent during the first quarter of this year.
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