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December 30, 2010

Economists predict 2011 UK house price falls

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by Gill Montia

Economists predict 2011 UK house price falls

UK house prices will continue to fall during 2011, according to a poll of economists undertaken by the Financial Times.

Fifty of the 56 economists questioned by the newspaper expect prices to continue the slippage seen since summer 2010, as market fundamentals remain weak.

However, no parallels are drawn with the 20% peak-to-trough fall seen between 2007 and 2009.

Earlier this month, the Royal Institution of Chartered Surveyors (RICS) said it expects the value of the average home to finish 2011 two per-cent down, with falling supply stabilising the market at some stage before July, and prices possibly edging up again in the latter part of the year.

However, the RICS warned that worse than expected fall-out from public spending cuts represent a key threat its predictions.


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