House prices 'to go on falling'
House prices are set to go on falling until the end of next year, it has been stated.
The Centre for Economics and Business Research (CEBR) has produced a report concluding that the level of house prices across the UK will drop by 25 per cent from the 2007 peak to the end of 2009.
Such a situation could leave those thinking of buying a house in London considering the option of renting instead.
This may be particularly the case as the CEBR has predicted that in 2012 prices will still be lower on average than they were in 2007.
London is also likely to take longer to recover than other parts of the country, according to estate agency Knight Frank.
The firm's head of development research Jon Neale said prices started to drop in London "as much as a year" after this trend commenced in the north, making the latter likely to see recovery sooner as the process of correction is more advanced.
Published 27th October, 2008
© 2008 Estates IT Limited
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House prices are set to go on falling until the end of next year, it has been stated.