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Barclays boss suggest property market has further 15% to fall

When John Varley, the chief executive of Barclays bank, decides to pitch in with his view on the property market it really is time to wake up and listen. Mr Varley has today made his views clear suggesting that property prices are set to fall by a further 15% before the property downturn is complete, something which would mean an overall fall of 30% since the top of the market. Whether John Varley is correct remains to be seen but the fact that such a well-respected name is suggesting these figures has caused some concern in investment circles.

John Varley has also gone on to suggest that 100% mortgages, which were very common in the boom times, were in effect commercial suicide with many banks and customers now paying the price. He has also suggested that some lenders in the mortgage market need to apologise to their customers, many of whom have been left with massive mortgages and homes which are now worth less than the price they paid. While this could be described as market movements, many are suggesting the reckless lending of the last decade is now coming home to roost.

It has also been confirmed that the average price of a UK home has fallen by £36,000 to £163,605 although Barclays is suggesting that a further £25,000 fall is on the cards.

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