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Housing: Prices

Volume 701: debated on Thursday 1 May 2008

asked Her Majesty's Government:

What is their reaction to the estimate that house prices may drop by 30 per cent over the next three years. [HL3129]

Budget 2008 set out the Government's view of recent housing market developments. Sound economic fundamentals clearly distinguish present conditions from the late 1980s, when mortgage interest rates peaked at 15 per cent and led to a collapse in the housing market.