Recent Stabilization In British Housing Market Is "False Dawn": E & Y Item Club

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Monday, the Ernst & Young Item Club said recent increase in British house prices reflect acute shortage of properties for sale. The current stabilization in the housing market is a false dawn, the Item Club report showed.

According to the Item Club, a small number of cash-rich buyers have supported prices. House prices are likely to dip again in the first half of 2010. Further, the Item Club said house prices will not return to their 2007 peak for another five years.

Tough lending conditions are making it difficult for the first time buyers to enter the market, the report added.

Monday, the Ernst & Young Item Club said recent increase in British house prices reflect acute shortage of properties. (Market News Provided by RTTNews)