UK Money News
19th June 2008
House prices could fall as much as 9%, warns HBOS
UK house prices could decline by as much as nine per cent this year, the UK's largest mortgage lender has predicted.
HBOS, which is currently embarking on a rights issue to restore its credit crunch-hit balance sheets, revealed the gloomy assessment of the sector in its latest trading statement.
The forecast for house prices marks a significant downward adjustment from the bank's previous estimate for "mid-single digit" declines in 2008.
HBOS also predicted that the number of transactions will fall by 45 per cent this year, as buyers continue to adopt a wait and see approach to house prices.
Meanwhile, the problems being encountered by mortgage holders as a result of higher day to living costs were borne out by a rise in the number of HBOS customers who have fallen into arrears with their home loans.
This group now accounts for 1.89 per cent of the lender's mortgage customers, compared with a figure of 1.67 per cent in December last year.
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