Stephen Ludlow quoted by Bloomberg news

In its article of 30 April 2008, Bloomberg, the international news and media organisation, quoted Stephen Ludlow and other leading property market commentators.

The Bloomberg article reported on the the first UK annual house price decline since 1996, and how reduced lending is dampening the property market. 

Forecasting that property prices may fall around 5% this year, Fionnuala Earley, Nationwide Chief Economist said: 'We've been expecting some moderate fall in house prices this year, and that's only to be expected since we're seeing deteriorating affordability and tighter credit market conditions.'                        

Policymaker David Blanchflower said ``Monetary policy, in my view, still remains restrictive
currently, and we need to take action to loosen policy sooner rather than later.'

Stephen Ludlow commented: 'If someone needs to sell they can still sell, it's just
that they'll have to take on board a price reduction. The price reduction could
be somewhere round about five percent, maybe as much as 10
percent.'