The resulting bear market will undoubtly seek to contract the spread betweenLondonand the rest of the country by at least 50%. This implies a decline of 30% in the Greater London Area, and an overallUKdecline of some 14%. However the decline in real terms when inflation is taken into account will be much greater.” (Walayat, 2007)The future of the UK housing market is that the market would be declining by at least 15 percent in 2008 and 2009. This is in spite of the fact that London Olympics of 2012 are coming up. The prices for housing inLondonare due to decrease by at least 25 percent. The interest rate in theUKas well will be cut by 5 percent in the following years as the rates are currently at a peak and will be coming down shortly.
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