Housing market to keep on declining, says King
Bank of England governor Mervyn King has predicted that the housing market is likely to go on performing badly.
In comments that could be a blow to anyone thinking of buying a home in London, Mr King said in a speech last night that the UK economy is "likely" to go into recession and despite the recent banking bailout the housing market will be depressed for some time yet.
Those looking to find a home in London may decide renting is a better option as a result.
London's housing market has already been in decline for some time.
In the most recent Land Registry figures, it was revealed that the capital's house prices had fallen by 2.4 per cent in August 2008 and by 3.2 per cent since August 2007.
Such figures suggest those who do buy are at a high risk of suffering from negative equity.
Published 22nd October, 2008
© 2008 Estates IT Limited
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Bank of England governor Mervyn King has predicted that the housing market is likely to go on performing badly.