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Woodford foresees 10% property fall

Invesco Perpetual’s Neil Woodford has forecast that house prices will fall by as much as 10 per cent this year.

Woodford, who manages the £9.5bn high-income fund, believes the average home will drop by £18,500 by the end of the year or £50 a day.

In a note to investors obtained by the Daily Mail, Woodford warns: “Although my forecast is for house prices across the UK to fall 8-10 per cent in 2008, the decline may be much worse in certain areas.”

He says the biggest losers will be owners of newbuild flats which are “almost unsellable”.

John Charcol senior tech-nical manager Ray Boulger says: “There are clearly problems in the market which could cause it to fall by up to 10 per cent but I do not believe it will.

“Interest rates are a major influence. We are going to ee the bank base rate falling almost definitely next month and we will see it down to 5 per cent before long.”


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Scottish Life has added four investment partners and 16 funds to its core range.The new partners are Allianz Global Investors, BlackRock, HSBC and Newton, which join fund companies including Artemis, Baillie Gifford and Invesco Perpetual.The move brings the total fund choice in the core range to 82. Policyholders will have access to nine new actively […]

EU commission ban proposal overturned

The Association of Finance Brokers and Association of Mortgage Intermediaries have claimed victory in securing an amendment to the European consumer credit directive which would have banned commission.

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