• From The BBC:

    The sluggish UK economy is likely to mean that house prices will not see any “meaningful” recovery for some time, two separate surveys suggest.There will be no “sustained” upturn until mortgages become more available, the Royal Institution of Chartered Surveyors (RICS) says. Meanwhile, PricewaterhouseCoopers has warned further price falls are likely in 2009 and 2010. The government’s own house price survey reported property values fell in May. ‘More falls’Surveyors did suggest that there was some optimism among surveyors that prices would go up in the short term.
    Latest house price surveys suggest some stabilisation in the market, with the Nationwide suggesting that UK house prices have risen in three of the past four months, leaving them nearly 6% higher than they were in February. But PwC’s economic outlook said that with mortgage levels subdued and UK unemployment looking likely to continue rising for some time, “average UK house prices are likely to fall further between 2009 and 2…

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    Posted by Jon @ 7:17 pm

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