12 Sep '11, 9pm

Thinking of buying a house? Home prices to fall 8-10% over the next year: UOB Kay Hian

SINGAPORE - Residential property prices are expected to fall 8-10 per cent over the next year as government policies work their way through the market amid a worsening economy, according to brokerage UOB Kay Hian's latest note to investors published yesterday. It has been eight months since the Government introduced stiff stamp duties of as high as 16 per cent on the seller of a residential property and lowered the loan-to-value ratio to 60 per cent for individuals with one or more mortgages and 50 per cent for housing loans to buyers who are not individuals. But UOB Kay Hian highlighted the huge oncoming supply and the deteriorating macroeconomic environment as key factors for its call, adding that home-buying activity would slow down sharply once the rise in unemployment accelerates. UOB Kay Hian said property developers' cautious stance in recent residential site auctio...

Full article: http://www.todayonline.com/Business/EDC110913-0000299/Hom...

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