An interesting article was published in The Times quoting the view of Capital Economics, a leading consultancy, as they raised their predictions for the UK property market. They forecast a 10% fall by the close of the year, their original expectations were 20%. Next year they have changed their opinion to a slightly more optimistic 5-7% drop in prices.
The change in direction, will in part be down to the unexpected positives coming from Nationwide figures produced for April and May.