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2008 Predictions: Spicerhaart
Spicerhaart * Average annual price growth will increase by two per cent; * Two 0.25 per cent reductions in Bank of England?s base rate; * Remortgaging will bolster the mortgage market; * 2008 mortgage market will be valued at £300 billion. Steve Cox, operations director of Spicerhaart Financial Services, gives his predictions for the UK housing market in 2008: ?This year has seen unexpected turbulence in the housing market with three c...
2008 Predictions: County Homesearch
The County Homesearch Company * House price growth in 2008: 3.5 per cent; * Three interest rate cuts; * Volume of house sales likely to fall by 15 per cent; * Despite a slowing market generic period village properties (Georgian rectories, old Longhouses etc) will remain in high demand. Hot spots: * Cardiganshire, Wales - prices in West Wales have outstripped most of the UK and this will continue; * Tynemouth, Tyne and Wear - the ...
2008 Predictions: SmartNewHomes
SmartNewHomes.com * Interest rates will drop by 0.50 per cent over the course of the year; * Overall house prices will increase between two per cent and four per cent; * Average new home prices will rise between two per cent and three per cent; * Family homes will experience steady growth ; * First time buyers will be able to take advantage of incentives being offered by developers in the new year; * Inward migration in the north with re...
2008 Predictions: Nationwide
Nationwide: * Economic tailwinds are turning into headwinds, and house price inflation is expected to drop from the current rate of 9.7 per cent to zero per cent by this time next year. * A slower economy, stretched affordability, tighter credit conditions and lower buy-to-let demand will all take a bite out of house price inflation. * Interest rate cuts and tight supply will provide some support to price growth, but are unlikely to prevent a sig...
2008 Predictions: Assetz
Assetz: Stuart Law, chief executive of Assetz, said: ?I would expect house prices to increase by five per cent in 2008. Buy-to-let demand is strong and with rents rising buy-to-let investors look to make more profit than ever on rental income. I have previously predicted that interest rates will fall next year with three cuts a likely possibility. In fact, I would expect rates to first fall early in 2008, finishing at five per cent by next December.?...
2008 Predictions: RICS
Royal Institution of Chartered Surveyors (RICS): RICS senior economist, David Stubbs, said: ?The RICS expects house prices to be flat in 2008 despite the prospect of lower interest rates. An economic slowdown is underway and the housing market is losing momentum. This is likely to prompt the Bank of England to cut interest rates in coming months.?
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2008 Predictions: IMLA
Intermediary Mortgages Lenders Association (IMLA): The IMLA says that a realistic view of the market is needed. IMLA executive director, Peter Williams: ?We can see that even the most upbeat commentator expects prices to rise by no more than three per cent on average, broadly in line with inflation ? so at best prices would be virtually flat in real terms. The fact remains that house price inflation will, as always, be uneven across the country. ?Al...
2008 Predictions: Hometrack
Hometrack: Weaker market sentiment, stretched affordability levels and changes in the lending sector are set to result in a pronounced slowdown in the rate of house price inflation and mortgage lending over 2008. While acknowledging there are pockets of risk in both the housing and mortgage sectors, these are expected to remain contained with limited adverse implications for the broader housing and mortgage markets. "The greatest casualty of th...
2008 Predictions: CML
Council of Mortgage Lenders (CML): ? Forecasting the short term outlook for the housing and mortgage markets is more problematic than usual in view of financial market dislocation and the resulting impact on the availability of credit. So variations around our forecasts are potentially wide. ? Before the credit crunch took hold in August the housing and mortgage markets were already responding to the tightening in monetary policy over ...