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Economist quashes crash notion
2 April, 2008
A leading economist has rubbished mounting speculation of a UK recession.
Speaking at the Chartered Institute of Housing's annual conference, David Smith, Economics Editor of the Sunday Times, said that despite a house price slowdown and hikes in the cost of borrowing, as well as a significant reduction in the supply of mortgage products, 'we should not over-do the gloom'.
He advised that whilst the UK was certainly coming out of the longest period of economic growth ever seen, it was not about to face a recession or a house price crash.
Speaking at the same event, IMLA executive director Peter Williams emphasised the differences between the UK and US markets - stressing that non-conforming lending only accounted for 6 per cent of the UK market compared to 20 per cent of the US market.
Williams called for housing associations to support local housing markets by providing more flexible low-cost home ownership products where homeowners could scale down, as well as up, to suit their circumstances.