House prices 'will fall further'
Property prices in the UK have been predicted to continue to fall over the next year.
Rightmove has found that values dropped again this month, with a 2.3 per cent decline adding to a 6.3 per cent annual fall.
And with initial asking prices now ten per cent below the peak reached in May, the website has forecast a further fall of ten per cent in 2009.
"In the hardest hit areas where unemployment and distressed sale supply will remain highest for longest, prices will fall further and remain stagnant for longer," said commercial director Miles Shipside.
Rightmove revealed that Newham is the London borough that has been hardest hit over the last 12 months, with prices there declining by more than 15 per cent.
Those hoping to live in the borough may prefer to rent a house or flat in order to avoid the potential negative equity that they could face.
Recent Land Registry figures showed that values in the capital had dropped by over ten per cent in a year.
Published 15th December, 2008
© 2008 Estates IT Limited
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Property prices in the UK have been predicted to continue to fall over the next year.