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UK expected to experience zero growth in house prices
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09:05, November 20, 2007

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The housing market in Britain might experience zero growth in 2008, the country's major building society Nationwide reported Monday.

In its latest forecast, Nationwide said that economic tailwinds are turning into headwinds, and house price inflation is expected to drop from the current rate of 9.7 percent to zero by this time next year.

A slower economy, stretched affordability, tighter credit conditions and lower buy-to-let demand will all take a bite out of house price inflation, according to the report.

Interest rate cuts and tight supply will provide some support to price growth, but are unlikely to prevent a significant slowdown, it predicted.

Source: Xinhua

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