Recession is unlikely, property experts claim

The UK is not very likely to slip into recession, comments from property experts at a recent debate suggest.

Wriglesworth Consultancy organised the Great Housing Market Debate to discuss the future of the property market and the country's economy.

David Miles, chief economist at Morgan Stanley, said that he did not think it was very probable that a house price correction would impact upon the wider financial situation in the UK.

He cited strong fundamentals such as a predicted rise in gross domestic product growth and a stable employment outlook which could prevent the economy from suffering a severe downturn.

"Any housing market correction will not impinge on the wider economy. I am not anticipating a recession in the UK," Mr Miles commented.

Findings from the recent Financial Times House Price Index have given the market some positive news; it reported that prices increased by 0.5 per cent between January and February.


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