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"Should the euro-zone crisis fail to ease over the coming months or even deteriorate further, this could well lead the U.K. economy to suffer significant contraction"
- Howard Archer, an economist at IHS Global Insight
U.K. month on month house prices edged lower 0.2% in December, said the Nationwide Building Society on Friday, as the debt crisis in Europe undermines consumer confidence and pushes up unemployment.
Friday's report "reinforces our view that prices are poised to fall by around 5 percent in 2012," said Howard Archer, an economist at IHS Global Insight in London.
"Should the euro-zone crisis fail to ease over the coming months or even deteriorate further, this could well lead the U.K. economy to suffer significant contraction, push up unemployment and weigh down on house prices."
Markit is to announce its purchasing managers' index on January 3. An index is based on a survey of about 600 purchasing managers who are asked to rate business conditions.