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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Mon Dec 10, 2007 3:12 am Post subject: UK House Prices Slump 1.1% - Interest Rate Cut? |
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By: Nadeem_Walayat
The UK Housing Market fell sharply in November, registering a 1.1% price drop according to Britain's biggest mortgage lender, the Halifax. The British Pound fell sharply on the news and stocks soared in anticipation of deep cuts in UK interest rates as the Housing Market has its first consecutive decline for 3 months in a row since 1995. The credit freeze is now in its 5th month with the interbank rate soaring to 6.65% increasing the chance of an interest rate cut at today's Bank of England MPC Meeting.
The Market Oracle forecast as of 22nd August 07, is for UK interest rates to fall to 5% by September 2008, with the first cut scheduled to occur in January 2008. Given the sharp drop in the housing market and signs of a fast weakening economy, there is now an increased chance that the first interest rate cut will take place at today's Bank of England MPC Meeting i.e. a month earlier than originally forecast. However, UK inflation is expected to continue rising during the next few months, with the Market Oracle forecast for UK inflation to peak during January 2008 and then decline sharply to below 3% by November 2008 (RPI), which will ensure the Bank of England keeps cutting interest rates during 2008. .
http://www.marketoracle.co.uk/Article2998.html |
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