Experts predict further house price slumps
Spread betters have predicted that UK house prices are expected to fall by almost 30 per cent in the next three years.
Accrding to indices of residential property price futures, UK house prices will drop by £50,000 by 2011 from the current average of 185,000, reports the Financial Times.
James Lippett, head of sales at Cantor Spreadfair, which tracks national and London house prices to the end of 2011, commented on the problem.
"The market is factoring in a 30 per cent drop and there is a good argument to (sell) long at those levels," he said.
With these figures being released, more and more people are looking towards flats to rent in London in order to overcome the problem.
This news comes after a number of recent housing market surveys have revealed large monthly drops in house prices and low mortgage level approvals.
It is expected that the latest housing survey from HBOS will be published this week will encourage more people to turn to the rental market.
This follows news that London property rental yields have held strong over July, with more people moving into house to rent in London.
Published 4th August, 2008
© 2008 Estates IT Limited
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Spread betters have predicted that UK house prices are expected to fall by almost 30 per cent in the next three years.