U.K.’s ‘High’ House Prices May Face Renewed Decline, IMF Says

U.K. house prices may fall further as policy measures may not be enough to support the property market, the International Monetary Fund said.

Home values have stayed resilient partly because of a tax exemption on first-home purchases under 250,000 pounds ($397,000), the IMF said in a footnote of its World Economic Outlook published today in Washington. The tax holiday, implemented by the previous government in March for a two-year period, is currently under review.