27 Feb

Market 'will remain flat'

Market 'will remain flat'

In the next 18 months, house prices are set to stay level, according to comments made by one official this week.

The chief executive at Barratt Developments Mark Clare claimed in the Daily Mail that further cuts to the base rate of interest are needed if the market is to see new life.

He suggested that business in the sector over this time period is likely to be difficult because deals will be put off by both sellers and buyers.

"I am expecting something like flat prices for the full financial year [to the end of June], and I wouldn't assume it would be very different in the next financial year," he told the paper.

While there has been a slight improvement because of the cuts in December and January, he remarked, more are needed for further positive developments.

A recent report from Hometrack stated that property prices dropped by 0.2 per cent in February.ADNFCR-1222-ID-18485780-ADNFCR

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