No recession and no house price crash for UK, says PWC
The UK will avoid a severe recession and a house price crash following the Brexit vote, PricewaterhouseCoopers has said.
It believes that there will be a marked slowdown in house price growth, but no major crash.
It believes that house prices will grow 3% this year and 1% next, before house price growth picks up again in 2018 to around 4%.
In the longer term, it thinks house price growth will average 5% to 6%, with persistent supply shortages keeping house prices rising faster than earnings.
PWC also forecasts that GDP growth could fall to 0% by the end of this year and could be somewhere between 1.5% growth next year or a 1% decrease.