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UK house prices not set to recover for another ten years, says PWC
carolt
Posts: 8,531 Forumite
Important story.
http://www.telegraph.co.uk/finance/economics/houseprices/7886145/UK-house-prices-not-set-to-recover-for-another-ten-years-says-PWC.html
"The PwC research, published on Tuesday, not only puts British growth lower than the official Office of Budget Responsibility's (OBR) forecast but also paints a grim picture for home ownership in the UK for the next 10 years.
...
according to PwC: "Housing is a risky asset that is not guaranteed to generate positive real returns in the future even though this has been the pattern in the past." In fact, PwC says, there is a strong possibility that house prices continue to fall for the next five years and could drop further even beyond 2020. According to the report, this would significantly drag back the speed of economic recovery – which PwC claims faces a risk of a double-dip recession.
"The assumption that property is a 100pc safe asset you can continually borrow against is over," said John Hawksworth, head of macroeconomics at PwC."
http://www.telegraph.co.uk/finance/economics/houseprices/7886145/UK-house-prices-not-set-to-recover-for-another-ten-years-says-PWC.html
"The PwC research, published on Tuesday, not only puts British growth lower than the official Office of Budget Responsibility's (OBR) forecast but also paints a grim picture for home ownership in the UK for the next 10 years.
...
according to PwC: "Housing is a risky asset that is not guaranteed to generate positive real returns in the future even though this has been the pattern in the past." In fact, PwC says, there is a strong possibility that house prices continue to fall for the next five years and could drop further even beyond 2020. According to the report, this would significantly drag back the speed of economic recovery – which PwC claims faces a risk of a double-dip recession.
"The assumption that property is a 100pc safe asset you can continually borrow against is over," said John Hawksworth, head of macroeconomics at PwC."
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Comments
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Oh well done carol, ANOTHER thread on the same story.
Board guides please merge with the other 10 threads on it today so far.....
And for reference, they're talking about prices adjusted for inflation against chocolate bars and bananas.
They expect the actual prices to keep rising.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
it's like watching a car crash....HAMISH_MCTAVISH wrote: »Oh well done carol, ANOTHER post on the same story.
Board guides please merge with the other 10 threads on it today so far.....0 -
HAMISH_MCTAVISH wrote: »Oh well done carol, ANOTHER post on the same story.
Board guides please merge with the other 10 threads on it today so far.....
The phuqing irony!!!!!!!It's getting harder & harder to keep the government in the manner to which they have become accustomed.0 -
We need the "Osborne book of what real means" for our resident simpletons.
Another Hamish sticky needed.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
Very important story.
I've been taking lessons from Hamish, who always multi-posts every time prices rise.
Good tip, Hamish.
Indeed.
A good news day today, when the normally bearish PWC expect prices to rise, and even RICS are calling for price rises in Scotland and London to continue.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Is the story a bit scary for you, Joe?0
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I thought PWC were calling "Real Term Falls" in other words stagnation.
That is not going to help many own unless they get wage inflation.0 -
No - reread any one of the many articles.0
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