23 Jun

Donald Trump offers positive prediction for UK housing market

Donald Trump offers positive prediction for UK housing market

Donald Trump has offered a ray of light amid the plethora of negative predictions about the future of Britain's housing market.

The flamboyant property developer told the Times that he does not believe the UK's property market will suffer the same fate as its US counterpart. He put this down to the fact that there has been less over-building in the United Kingdom.

Indeed, comparatively Britain is doing well - although HBOS forecast that British house prices will fall by nine per cent this year, they have already dropped by 40 per cent in California, Florida and Nevada, the paper reported.

Mr Trump suggested that the house price slump in his native US will continue "until the credit crisis ends.”

"I think that will be in the next 12 months. The problem with the US market is nothing to do with supply and demand, it is because people cannot get credit," he added.

This is a problem also faced by borrowers here in the UK, where mortgage firms have tightened their lending criteria and all 100 per cent loan-to-value products have disappeared from the market.
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