Economy 'will not recover until late next year' says MPC member

A member of the Bank of England's Monetary Policy Committee (MPC) has said that Britain is heading for recession and will not see recovery until the second half of next year.

Speaking at an event in Leicester, Andrew Sentence said the country is likely to endure a "mild" recession in the months ahead, although this will mean the problems faced are far less severe than those of the major recessions of the 1980s and 1990s.

He predicted a "gradual" recovery starting in the second half of 2009, along with a fading of the credit crunch, but warned: "However, the recent market turbulence highlights the possibility of further shocks from financial markets and commodity price movements."

In such circumstances now may not be the best time to buy a house in London, as the continuation of the credit crunch for another year could see values fall further.

An alternative would be to rent instead while the economic downturn plays itself out.

New Research by the Global Property Guide has reported that house prices are currently falling all around the world.

Published 25th September, 2008

© 2008 Estates IT Limited

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