House prices will just bump along at current levels next year, with transactions failing to hit the million mark,
Ernst & Young’s ITEM club has warned.It said the apparent recovery in the housing market was deceptive.
It said it is supported by cash-rich investors rather than “the first-time buyers needed to restore the market to normality” and by a shortage of stock.
ITEM’s chief economist Peter Spencer forecast that in 2010, interest rates will remain pinned to the floor.
