UK ''almost talking itself into recession''


Thu 24th Jan, 17:21:50 GMT

An estate agent in north-west London has warned that Brits could be talking the country into a recession.

The past few months have seen a great deal of economic turmoil, with the run on the Northern Rock and tightening lending criteria making some buyers and sellers wary about the future.

Analysts predict that house price growth will stall this year and recent figures from the Department for Communities and Local Government did nothing to dispel the gloom, suggesting that the value of detached properties has begun to slide.

However, Jamie Davis, of Foley and Davis, told the Uxbridge Gazette that his agency has not "noted any significant fall" in this sector of the market.

He argued that although it appears to have been "quieting down… it is more a correction in the housing market rather than a crash".

Rajinder Gill, of Gill and Co, echoed this view, describing the market has going through "an adjustment in house prices rather than a slump".

Mr Davis added: "The reality is that the public have been panicking because of the credit crunch and people need to get over it. This country almost talks itself into a recession."ADNFCR-1143-ID-18440646-ADNFCR


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