Property values 'to fall 50 per cent'
In one of the worst assessments of the property market to date, traders have predicted that house price will fall by almost 50 per cent over the next four years.
The dramatic downswing will put a spanner in the works of anyone looking for property for sale in London, with prices expected to have plummeted 47.5 per cent in real terms by 2011.
Basing their assessment on this month's Halifax house price index, traders working in the futures market predicted that the average UK home will not recover its current value until 2017.
It forecast house price falls of ten per cent this year, followed by 10.5 per cent in 2009 and 23.5 per cent in 2010/11, before beginning a gradual climb back over a period of about six years.
Commenting on the disturbing findings, Liberal Democrat Treasury spokesman Lord Oakeshott said that the figures should come as a wake-up call to anyone thinking of getting on the property ladder.
Speaking to the Guardian, he said: "This government says this housing depression will be different from the early 1990s. Yes, that's right. It will be worse."
Published 9th June, 2008
© 2008 Estates IT Limited
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In one of the worst assessments of the property market to date, traders have predicted that house price will fall by almost 50 per cent over the next four years.