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According to Morgan Stanley House prices may fall 10 percent next year as banks tighten lending standards and economic growth slows.
Home values could also fall in 2009, Morgan Stanley said in a report by its equity strategy team in London. The forecast is based on financial-market expectations that nominal values will decline around 7 percent in 2008, said David Miles, chief U.K. economist at Morgan Stanley.
Britain's 10 year long property boom is coming to an end after the Bank of England raised its benchmark rate five times in a year and contagion from the U.S. subprime collapse led to a jump in global credit costs. Prices fell the most in 12 years in November, according to Nationwide Building Society, and mortgage approvals dropped to the lowest since February 2005.
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Posted by Jonathan Dolby, 15 January, 2008 12:03:41Hi, Apologies for posting this as a comment, but I was just wondering whether you would be able to supply me with an email address for yourself, so that I can submit property related news releases to you? Thanks, Jonathan Dolby
