From This is Money:
Professor Miles, who first predicted in 2006 that the market would crash, said that sentiment was improving in the property market and that buyers, wielding higher deposits, would return.
He also made an accurate forecast of a 20% fall in early 2008.
He said: ‘Expectations are crucial in the housing market and they look a bit better now than a few months ago. My hunch – and I put it no stronger than that – is that we have seen most of the overall aggregate house price falls.’
Prof Miles spoke to MPs at a Treasury Select Committee hearing on his appointment to the MPC.
His optimism echoed figures from Nationwide earlier this week that showed prices rose in June for the third time in four months.
Professor Miles was appointed to the MPC having previously authoring Government-commissioned reports on the mortgage market in 2003 and 2004.
His Miles Review sent out an early warning that the focus in the mortgage market was not long term enough, cautioning that borrowers were fixated…
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