The Nationwide survey shows prices down by 0.9% in August 2010 and annual inflation down to only 3.9% that is a massive fall from 6.6% in July. This is very disappointing news but at least they say in their press release that they expect interest to remain at 0.5% until well into 2011.
I am thinking that if rates remain low then at least we can pay off our debts and be in a stronger position when rates go up. Hopefully they will go up only gradually so we will have some breathing space to decide whether we can afford to hold onto the rented property. Trouble is if house prices fall too much then we will have no safety net and will be in a very difficult position.
Tuesday 7 September 2010
House Price Predictions
House predictions to summer 2011
Ray Boulger, John Charcol: "Very little change"
Bernard Clarke, CML: No prediction
Jonathan Davis, financial adviser: "Prices will fall"
Martin Ellis, Halifax: "Little change"
Martin Gahbauer, Nationwide: "Small falls"
Simon Rubinsohn, Rics: "Not a lot of difference"
Ed Stansfield, Capital Economics: "Down about 10%"
Ray Boulger, John Charcol: "Very little change"
Bernard Clarke, CML: No prediction
Jonathan Davis, financial adviser: "Prices will fall"
Martin Ellis, Halifax: "Little change"
Martin Gahbauer, Nationwide: "Small falls"
Simon Rubinsohn, Rics: "Not a lot of difference"
Ed Stansfield, Capital Economics: "Down about 10%"
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