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Middle England to see £40,000 house price fall

Homeowners in Middle England could see house prices fall by as much as £40,000 before the end of the year, new research suggests.According to figures from Axa, property in Middle England may drop by 18.3 per cent before Christmas as a result of the current economic downturn.Across all demographics, the company predicts a house price fall of 12.9 per cent by 2009, with negative equity a possibility for some homeowners.Increases in the cost of living and higher mortgage rates will make it difficult for consumers to meet repayments. Nine per cent of homeowners are expected to miss mortgage payments over the next 12 months.Steve Folkard from the AXA Financial Taskforce, explained: "We expect a very tough 18 months for Middle Britain's housing market. "Middle Britain may have managed to weather the storm before now, but that resilience is being seriously tested by the ongoing effects of the credit crunch."

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