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Conflicting predictions for 2010

Experts at Ernst & Young’s ITEM club recently released a report indicating that house prices will remain at current levels during the next year and that transactions will fail to hit the million market.

The group claim that the apparent recovery in the property market was misleading and cash rich investors, combined with a shortage of stock, were the cause of this. The information also points towards the need for first-time buyers to return if we are to see normality again in this market.

However, the notoriously negative Capital Economics group has predicted that there will be a 10% fall in house prices in 2010, with a further 5% drop the year after.

The economic experts predict that rising unemployment together with mortgage illiquidity will be responsible for the new house price falls. Although the housing market is now showing signs of recovery, the report believes that this is unsustainable because of severe job cuts ahead.

Source: www.estateagencytoday.co.uk

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