18-10-2007
IMF warns of risk to UK housing market
The International Monetary Fund (IMF) has voiced its concerns over the future of the UK housing market.
According to reports, the IMF has expressed its worry that property in the UK is overvalued by more than properties in the US were before the recent downturn in the American market.
They have also warned that the UK is one of the countries thought to be most likely to experience a significant deterioration of the housing market.
Indeed, for 2008, the IMF has reduced its growth predictions for the UK by 0.4 per cent to 2.3 per cent.
"There remains the concern that the US experience might presage steep housing downturns in other countries that have also experienced a rapid rise in house prices," a spokesman warned.
In related news, the IMF has also suggested that the American dollar is currently overvalued, despite a fall of over four per cent against the euro last month.
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