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January 2, 2008

Many believe property prices will fall this year

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by Kay Mitchell

Many believe property prices will fall this year

Following predictions from experts and reports that property prices fell again in December, the majority of people think that house prices could fall by a considerable amount this year.

In a survey involving 4000 respondents, approximately 75% said that they expected house prices to fall during this year. 52% of respondents said that they thought that house prices would plummet by at least 11% this year year. Should this happen, £21,500 will be trimmed off the prices of a property worth £194,895.

However, 19% of those questioned said they thought house prices would rise this year while 6% stated that they felt that house prices would remain stable throughout 2008.

Confidence has dwindled among many financial experts due to many factors including lack of affordability, higher interest rates and tighter credit conditions as a result of the credit squeeze.

Separately, a recent study by the Halifax has established that the number of first-time buyers is at its lowest level since 1980.


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