Today is 24th June, it has been over 12 months since the credit crunch hit the UK and in particular the property market. In 2009 it is expected a total of 65,000 homes will be repossessed (down from a previous forecast of 75,000), hopefully the numbers will be less. But key for everyone is when the recession will end, most analysts say later in 2010 . We will keep you updated here on progress and what the experts are saying.
The OECD is relatively positive about western economies coming out of recession in 2009, however reading the small print it seems UK and Europe will recover later than USA, and in particular the OECD also suggest a slower recovery for UK, in fact they suggest zero growth in 2010 . At least we can see the light at the end of the tunnel, as zero growth next years compares with the predicted contraction of over 4% in 2009. Based on this data it is certainly too early to be talking about “green shoots” in the UK housing market as unemployment has not yet reached its peak (expected in 2010) and banks are still reluctant to lend.
