Friday, October 24, 2008
After backtracking from -5% capital economics again assumes bear status
Previously, the organisation had forecasted that prices would fall 35% by 2010, but in the wake of the economic downturn, the fall will be much quicker. The fall means that approximately £65,000 will be wiped off the average property with the average home costing £120,000. At the peak of the property boom last summer, the average home was worth £186,000. Earlier this week, Knight Frank estate agents said house prices in the UK will fall 30% from their high of summer 2007 and fall to levels of September 2003.