Brits 'predict fall in house prices

By Jonathan Dawes, Fri 27 Jun 2008 - Published in Mortgages

Three-quarters of Brits think property prices will fall in the next year, a survey by the Building Societies Association (BSA) has found.

According to the organisation's poll, 74 per cent of those questioned predicted property prices would drop over the next 12 months and 25 per cent expected a fall of between five and ten per cent, with the average prediction at 7.1 per cent.

Some regional differences were also revealed, with residents in Wales predicting the largest drop at 9.1 per cent and those in Yorkshire and Humberside forecasting the smallest fall at 4.8 per cent.

The director general of the BSA, Adrian Coles, commented: "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, with reports suggesting that 100 per cent loans are practically impossible to secure, first-time buyers may welcome the predicted drop in prices.

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