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House price forecasts are a mug’s game – so here’s mine for 2012
House price forecasts are a mugs game, thats something Ive learnt over many years of being cajoled into making them.
Nothing highlights that more that how the property market defied gravity in 2011, with a catalogue of bad news failing to drag prices down substantially. In fact, Nationwide said prices rose by 1 per cent last year. [see the chart above]
However, the headline figures do not tell the full story, as they only measure properties that sell, or mortgages that are approved for buyers on them – they cannot measure what it would take in terms of price falls for all the properties sat on estate agents shelves to be shifted.
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