UK Money News
27th June 2008
Britons predicting further house price falls
Nearly three quarters of Britons believe that house prices will continue to fall for the next 12 months.
In a survey conducted by the Building Societies Association (BSA), 74 per cent of those polled said that anticipate that the market will fall further over the next year.
The majority of these are forecasting a fall of 7.1 per cent, with 25 per cent predicting a decline of between five per cent and ten per cent.
Adrian Coles, director general of the BSA, said: "It is clear the positive outlook that has characterised the property market for the last few years is now a thing of the past, and people expect prices to fall over the next year.
"However, this must be kept in perspective. Property price inflation has been so great over recent years that a 7.1 per cent fall in prices means that most people still have considerable equity in their property."
He added: "Moreover, we must never forget that falling house prices mean that first-time buyers now have more purchasing power."
Residents of Yorkshire & Humberside were the most optimistic over the future if the property market predicted a fall of just 4.8 per cent.
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