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Lenders cancel house price forecasts

22/12/2008

Nationwide and Halifax, two of the UK’s biggest mortgage lenders, have decided not to make firm predictions on house prices in 2009.

The two building societies have built up a reputation for making house price predictions in recent years, and are closely followed by the media.

But both have decided not to make predictions for 2009, with Halifax stating that it is “not appropriate” to make predictions at this time, while a Nationwide spokesperson said: “Things are changing so rapidly in the market, which makes it very difficult to forecast”, according to the BBC.

Months ago, the Council of Mortgage Lenders said that it would be “futile” to make its own house price predictions with the market so unpredictable.

A spokesperson for Debt Advisers Direct commented: “Although no predictions have been made, this is significant news in itself, because it reflects the great level of uncertainty currently facing the housing market.

“The risk is that if more people experience financial difficulty and fall into debt, more homes will be repossessed, and house values will fall even further. If lenders begin to lend more and economic conditions improve, we could see the beginnings of a recovery, although analysts disagree as to when this could happen.”

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Debt Advisers Direct offer free debt advice and a range of debt solutions, including debt management plans, debt consolidation loans and IVAs (Individual Voluntary Arrangements).

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