Thursday, September 9, 2010
Britons will lose the equivalent of a typical annual salary off the value of their home by the end of next year, new figures reveal... Economists warn the gloomy economic outlook and the reluctance of banks to lend money will push prices even lower, leading to a second house price crash. It comes as the latest house price index from Nationwide reported typical values dropping 0.9 per cent in August... He forecasts property prices will drop 5 per cent this year and a further 10 per cent in 2011. It means a typical property costing Â£163,500 at the beginning of the year will lose almost Â£23,000 by the end of next year.