Experts gloomy on property slowdown
The current property downturn might wipe 20 per cent from the value of UK homes, a new poll indicates.This was the average forecast for the house price decline from a panel of property experts contacted for the survey by news agency Reuters.Analysts at banks, investment firms and research institutions were all among the poll respondents.Some of the experts even expected a drop in housing value of 35 per cent - a trend which would plunge millions into negative equity.The average expectation for house price drops in 2008 stood at seven per cent.David Page, an economist at Investec, commented: "We think that in most respects the UK is undergoing a US-style housing correction." Miles Shipside at Rightmove added: "The lack of mortgage funding increases the danger of an over-correction in prices beyond what is required to bring buyer affordability in line."
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