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Double dip warning incorrect
Predictions of a double dip in the housing market, forecasting a second fall in prices following the current widely recognised stabilisation, are misinformed according to Assetz.
The rate of house price growth fell the first time around the period between the summer of 2004 and 2005. At this time it went close to a 0% annual rate of growth, before shooting up again until late 2007. We have now had a market readjustment which is reaching an end according to Assetz and the company expects house prices to return to zero growth per annum again in September 2009, growing positively thereafter on a monthly basis.
Assetz believes: “The 'double dip' has already occured and it is very unlikely we will see another dip in the near future. The negative effects on house prices from poor buyer sentiment and the lack of mortgages, are now receding. House prices are very close to long term affordability, and interest rates are likely to remain low for the forseeable future.”
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