Economics
CEBR Cuts U.K. House Price Forecast, Says Values to Fall in 2011
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The outlook for the U.K. housing market has become more gloomy in recent months, according to the Centre for Economics and Business Research, which revised its forecast to say prices will decline this year.
Home values will drop 1.7 percent in 2011 to an average 175,416 pounds ($280,578), compared with a November forecast for a gain of 2.2 percent, the London-based group said in an e-mailed report today. It cut its prediction for gains through 2014 to 9.1 percent from 16 percent.