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Housing market recovery to cease, expert predicts
Mon, 08 Mar 2010
Homeowners have been warned by experts to brace themselves for a decade of stagnation in the UK mortgage market, the Guardian reports.

In light of news that the number of new mortgages approved fell in the first month of the year, analysts have claimed that the upturn in the second half of 2009 has lost momentum.

Danny Gabay, a former Bank of England economist, forecasted a five per cent fall in prices this year, and a further ten per cent drop in 2011.

"At best, it could be a decade of flat to slightly falling prices," he told the newspaper.

In addition, Simon Rubinsohn, the Royal Institution of Chartered Surveyors chief economist, revealed he expected house prices to rise by between one and two per cent this year, but for the situation to worsen thereafter.

Meanwhile, Halifax economist Martin Ellis recently said that cold weather at the start of 2010 and the end of the stamp duty holiday had a negative impact on housing demand.

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