Property values 'to fall 20%
Homeowners with property for sale in London will be disheartened to learn that the average UK house price could fall by as much as 20 per cent from last year's high.
That is according to new research from Estate Agent Knight Frank, which suggested that unemployment and inflation could also spiral if the current economic situation worsens any further.
While the housing market suffers through a prolonged crisis, the research indicated that the letting market is enjoying a boom, with demand for rented property having increased by 30 per cent year-on-year in 2007, as tenants decide against home ownership.
The increased demand for rental accommodation also drove up rents by as much as 16 per cent last year, according to the study.
Liam Bailey, head of residential research at Knight Frank, explained that higher rental demand has encouraged a number of professional property investors to retain their property stock rather than selling it at a discounted price.
Between 1996 and 2007, it is estimated that the average price of property across the UK rose in value by a total of 227 per cent.
Published 22nd July, 2008
© 2008 Estates IT Limited
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Homeowners with property for sale in London will be disheartened to learn that the average UK house price could fall by as much as 20 per cent from last year's high.