Britain's housing market is set to grind to a halt this year as worried consumers think twice before moving house and banks continue to be wary about lending, according to the Centre for Economics and Business Research.
The CEBR economists said that after year-on-year growth of 6.4% in 2010, the housing market recovery would stall in 2011, leaving house prices 1.7% lower by the end of the year. The decline could be good news for first-time buyers if they can come up with the large deposits now required by most lenders. The thinktank believes affordability for first-time buyers will reach an eight-year high this year thanks to low mortgage rates and weakening house price growth. MORE...
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