Housing market poised for two years of falling prices (Q1 2008)

We have cut our house price forecasts from falls of 3% in both 2008 and 2009 to falls of 5% this year and 8% next. Data in the final quarter of 2007 revealed a rapidly cooling housing market and magnified our existing concerns about stretched affordability and its dampening impact on demand in a softening macroeconomic environment.

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