How Far Will The Housing Market Fall?
It seems that each day we are seeing differing views and opinions about the state of the housing market with signs that the credit crunch is receding followed by ever more gloomy forecasts for the future. Today it is the turn of the Royal Institute of Chartered Surveyors (RICS) to join the party with forecasts of a 5% fall in house prices in 2008 followed by a further 15% fall in 2009 â€" they also believe that the number of house sales will collapse by 40% this year!
While it is differing views which make a market, the news of late has been very mixed with many investors and home owners relieved to hear the good news, only to have their hopes dashed by a round of gloomy forecasts. The truth is that nobody has been in this situation before and nobody quite knows what to expect, so every forecast and every opinion is only guesswork.
The credit crunch will need to works it way right through the system and until we see the money markets return to normal there is always the chance of a dip in the recovery cycle. Times are hard, they may get harder, but the truth is that nobody really knows.....
Share this..
Related stories
G20 leaders play down hopes for April 2 summit
G20 leaders have today played down hopes of a substantial agreement when the G20 summit convenes in London on 2 April. This comes at a time when Gordon Brown is trying to place pressure on his fellow G20 members as he looks to pull "a number of rabbits out of a hat". A number of leaders have stepped forward to suggest there is no "open sesame" solution to the problems of the worldwide economic slo...
Read MoreBrown accused of pension "spin"
Chancellor Gordon Brown finds himself embroiled in further controversy this morning as the row over his 1997 decision to scrap the dividend tax credit goes on.Over the weekend the favourite to succeed prime minister Tony Blair as Labour leader was hit by allegations from the Times newspaper that he carried out the decision against the advice of other government officials.Analysts have said the fai...
Read MoreIs loan consolidation a serious option for many in the UK?
While the banking sector is still struggling to provide the liquidity we saw in 2007, at the height of the economic boom, we are starting to see more signs of movement in the money markets. As UK interest rates continue to move lower, with speculation they could hit 1% next week, many people should be looking towards potentially consolidating their loans at substantially reduced levels. When you c...
Read MoreProtecting your family
As the employment situation in the UK continues to worsen, at least in the short term, many families are now looking at insurance protection aimed at ensuring that at least part of their income is protected in the event of unemployment or illness. Never has it been more vital to ensure that you have at least some form of insurance protection not only for peace of mind, but to ensure that you have...
Read MoreWill new entrants to the UK banking sector make a difference?
Earlier this week we saw the introduction of Metro Bank into the UK with a very different approach to high Street banking, akin to the retail world, working hours and simplification of the current banking set up in the UK. The company has promised that customers will be able to set up a new account, apply for new services and make use of their various facilities in no more than 15 minutes. When wa...
Read More