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Average Home Price Expected To Fall £50,000

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The housing market slump will wipe £50,000 off the value of the average British home and plunge one in seven homeowners into negative equity, influential new research suggests.

Some 70,000 mortgage-holders already owe more than their homes are worth after the near-10 per cent falls in house prices over the past year, Standard & Poor's (S&P), the credit ratings agency, said. It forecasts that prices will fall by a further 17 per cent, or £30,000, by next April, putting 1.7 million borrowers into negative equity. A 17 per cent fall in prices would take the value of the average house to about £150,000, down from £199,600 in August last year, according to Halifax figures. S&P said that for every further percentage point decline in house prices, between 60,000 and 180,000 extra homeowners could fall into negative equity.

The news came as a poll showed that consumer confidence had tumbled to a 34-year low. The GfK/NOP index measuring attitudes to personal finances and Britain's economy fell to -39 this month, down from -34 in June and the lowest level recorded since the series began in 1974.

Continued : http://www.timesonline.co.uk/tol/money/pro...icle4432554.ece

GfK/NOP index falls to record low -39, Sterling will pay!

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  • 395 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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