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Three-quarters Expect Property Price Slump |
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(27th June 2008)
Three-quarters of people expect house prices to fall over the next year, a new survey has found.
Research carried out by YouGov on behalf of the Building Societies Association BSA, reveals that 74 per cent feel that the housing market is set to continue its downturn over the next 12 months.
While 25 per cent think a tenth will be knocked off the value of homes, the average forecast is a more modest 7.1 per cent, the study revealed.
Adrian Coles, director general of the BSA, said: "It is clear that the positive outlook that has characterised the property market for the last few years is now a thing of the past, and people expect prices to fall over the next year."
However, Mr Coles urged people to keep things in perspective, pointing out that even a 7.1 per cent fall will mean that most people "still have considerable equity in their property".
Recently, research by Prudential revealed that the average single pensioner has £67,072 of equity in their home.
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