The UK fiscal watchdog has drastically downgraded its house price forecasts, saying average home prices will fall this year.
Prices will drop 0.3 per cent in 2019, the Office for Budget Responsibility forecast on Wednesday, in what it said was a “much weaker” outlook than before. In October it had projected 3.2 per cent growth for the year.
“Leading indicators of housing activity and prices have weakened noticeably since our October forecast,” the independent body said.
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