UK Money News
18th April 2008
House prices set to fall 15% in two years
House prices are to set to slump by 15 per cent over the next years, a report from a US investment bank has predicted.
The report from Morgan Stanley forecasts that UK house prices will drop by ten per cent this year and by a further five per cent in 2009.
This would bring the average price of a home down to levels last seen in 2006.
As a result of the price decline, up to one in ten families could be pushed into negative equity, the study predicts.
The study also outlined a worst case scenario in which property prices could fall by as much as 25 per cent, potentially leaving one in four families struggling with negative equity.
David Miles, who co-authored the study, said: "These figures will understate the magnitude of negative equity as we have excluded lending in 2008, of which people may already be in negative equity, and excluded future lending which could also fall into negative equity as (house) prices decline throughout 2008 and 2009."
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