Britons should prepare themselves for a period of great difficulty if the economy shrinks any further, one sector commentator has claimed.
In news that may be of interest to those on the hunt for unsecured loans, Jon Neale, head of development research at Knight Frank, said there was no denying that house prices were coming down rapidly at the moment.
He added that there was a lack of access to mortgage finance available and public concerns had been compounded by the Organisation for Economic Co-operation and Development's prediction that the economy will shrink during the last two quarters of 2008.
"In the longer term, [supply concerns are] going to create some bounce back in the future, I just don't know when ... The prognosis that's in [the] front of the papers is probably correct but slightly overblown," Mr Neale explained.
However, he added that the prospect for property in the long-term was still "very good".
In related news that may interest people looking for unsecured loans, according to Nationwide's House Prices report last month, the price of a typical house fell by 1.9 per cent in August.
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