UK Money News
13th December 2007
UK 'is talking itself into a slump'
The chances of a housing slump in the coming year are not as high as the media and popular imagination would have it.
Such is the assessment of personal finance provider Norwich Union, which claims that by using the word "slump" the public is talking themselves into believing a house price crash is imminent.
For those seeking help with money in retirement through the equity in their homes, it is too early to tell what the effect of the current slowdown will have, it claimed.
Anthony Rafferty, head of marketing post-retirement for Norwich Union, said: "Anyone who has already signed up to an equity release product and their house value goes down, then yes the distance between the amount the estate will eventually owe and the value of the house could be less."
However, he stressed that this would only have a significant impact should a long-term house price reduction come into effect.
Meanwhile, the BBC has reported that regulation set to come into force next year will prevent the more questionable practices of some parts of the equity release industry from marring the help with money generally available.
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