Hbos Says Home-Price Slide to Last Two Years ; Economics

Evening Standard - London › April 29, 2008

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Summary

BRITAIN'S biggest mortgage lender today issued a shock warning of two years of falling house prices as new home loans slumped to a 15- year low.

Halifax owner HBOS said prices would fall in the "mid single digits in 2008 and 2009", having previously only predicted a "low single digits" fall this year. The bleak forecast came as the Bank of England said only 64,000 home mortgages were approved last month the lowest number since 1993 and well below last year's peak of 115,000.

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Hbos Says Home-Price Slide to Last Two Years ; Economics

It was further evidence the property market is "frozen" because of a shortage of affordable home loans and buyers' reluctance to...

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