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IMF Awakens to Possibility of UK House Price Crash

Housing-Market / UK Housing Oct 17, 2007 - 07:39 PM GMT

By: Nadeem_Walayat

Housing-Market The International Monetary Fund (IMF) warned that the UK Housing market could slump due to the impact of the ongoing credit crunch.


The UK housing market has started showing signs of a change in sentiment following the run on Northern Rock bank during September and following on the heels of 5 rises in interest rates to 5.75%.

The IMF warned: "There remains the concern that the US experience might presage steep housing downturns in other countries that have also experienced a rapid rise in house prices, with associated risks for output growth."

UK house prices have more than tripled during the last 10 years to an average of £200,000. The market is primed for a slump the trigger for which is the credit crunch. The resulting slump is expected to lead to much lower growth during 2008 then government projections of 2.5%. The Market Oracle forecast is for growth of 1.4%.

UK Housing Market Forecast for 2008-09 - As of 22nd August 2007
UK House Prices to fall by 15% over two years, falling prices to be accompanied by cuts in UK interest rates. (22nd Aug 07), (1st May 07) (25th Sept 07)

 

By Nadeem Walayat
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Nadeem Walayat is the Editor of The Market Oracle, a FREE Daily Financial Markets Analysis & Forecasting online publication. We present in-depth analysis from over 100 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

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