Uncertainty in the housing market

Steve Wilcox

The housing market has been characterised by slow growth in 1996,stimulated by four quarter point reductions in interest rates since the 1995 Budget.

This points to declining negative equity, but far less certainly to housing market equity withdrawal returning as a stimulus to consumer spending. Analysis by Steve Wilcox of the University of York, based on the JRF Housing Review published this month, warns of the tensions for the wider economy of housing market trends and government housing policies.

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