Chancellor addresses fears of a house price crash
The Chancellor has addressed the fears of a house price crash by insisting that the economy is 'strong'. The Chancellor took to the airwaves to calm nerves as a new report from the International Monetary Fund slashed its forecast for economic growth in Britain.
The Chancellors words were direct yet positive, stating; 'There will be a slowdown this year, people can see that...but I think it's also important that we try to manage through these things.' He went on to say 'We need to do everything we possibly can to help people through what is undoubtedly a difficult period. That means making sure that we support the housing market but also that we support the wider economy, such as keeping people in work.'
The Treasury today appointed former HBOS chief executive Sir James Crosby to head an emergency review of the mortgage market. His brief is to stop mortgage offers from drying up through measures to boost lending between institutions and to increase the range of investors in the field.
'I remain optimistic that provided we stick to the course we have set our economy will continue to grow as it has done over the past 11 years,' said the Chancellor. But the IMF said house prices could slump across Britain by as much as 10% because UK houses are overvalued by 30%.
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The Chancellors words were direct yet positive, stating; 'There will be a slowdown this year, people can see that...but I think it's also important that we try to manage through these things.' He went on to say 'We need to do everything we possibly can to help people through what is undoubtedly a difficult period. That means making sure that we support the housing market but also that we support the wider economy, such as keeping people in work.'
The Treasury today appointed former HBOS chief executive Sir James Crosby to head an emergency review of the mortgage market. His brief is to stop mortgage offers from drying up through measures to boost lending between institutions and to increase the range of investors in the field.
'I remain optimistic that provided we stick to the course we have set our economy will continue to grow as it has done over the past 11 years,' said the Chancellor. But the IMF said house prices could slump across Britain by as much as 10% because UK houses are overvalued by 30%.
SafeTrade, Local Registered, Approved and Recommended Builders,Plumbers, Electricians, Plasterers, Joiners, Painters and Decorators etc