UK Money News
30th April 2008
House prices could fall 30%
UK house prices could drop by as much as 30 per cent over the next two years, a member of the Bank of England's monetary policy committee (MPC) has claimed.
David Blanchflower of the MPC issued the warning at a speech at the Royal Society in Edinburgh last night in which he outlined how the credit crunch could impact on the property sector.
He told attendees: "In my view a correction of approximately one third in house prices does not seem implausible in the UK over a period of two or three years if house price to-earnings ratios are to be restored to more sustainable levels.
"I am not suggesting that such a drop will necessarily occur, but it may. Cutting interest rates now may help to prevent such a dramatic fall."
Mr Blanchflower also used his speech to call for more drastic action to mitigate the chance of a recession.
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