What a tumultuous few weeks! Policymakers around the world have stepped in to bail out the banking system, hopefully averting full-scale financial system meltdown, and UK interest rates have been cut by 50bps for the first time in seven years. But, as this is unlikely to prevent a major slowdown in bank lending, we have revised our forecasts to incorporate a much deeper recession. On balance, what impact will these events have on our house price forecast?
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