Property values 'to fall 50 per cent'
In one of the worst assessments of the property market to date, traders have predicted that house price will fall by almost 50 per cent over the next four years.
The dramatic downswing will put a spanner in the works of anyone looking for property for sale in London, with prices expected to have plummeted 47.5 per cent in real terms by 2011.
Basing their assessment on this month's Halifax house price index, traders working in the futures market predicted that the average UK home will not recover its current value until 2017.
It forecast house price falls of ten per cent this year, followed by 10.5 per cent in 2009 and 23.5 per cent in 2010/11, before beginning a gradual climb back over a period of about six years.
Commenting on the disturbing findings, Liberal Democrat Treasury spokesman Lord Oakeshott said that the figures should come as a wake-up call to anyone thinking of getting on the property ladder.
Speaking to the Guardian, he said: "This government says this housing depression will be different from the early 1990s. Yes, that's right. It will be worse."
Published 9th June, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
St John's Wood brings the village atmosphere to the capital
St John’s Wood is a great location for people looking to capitalise on all the benefits of London living without being caught up in all the hustle and bustle.
Read Article ... Published on 26th May, 2015
Yeading: Enjoy peaceful city living in an up-and-coming area
Yeading is a laid-back and peaceful residential area situated north-east of Hayes and is one of the most up-and-coming areas of the capital.
Read Article ... Published on 26th May, 2015
Hanwell: A green, peaceful environment for Londoners
Hanwell is a small town located in the Borough of Ealing and is in between Ealing and Southall, providing excellent transport links to the rest of the capital.
Read Article ... Published on 26th May, 2015
Mitcham Carnival announced for June
Mitcham Carnival has been announced for Saturday June 13th at Three Kings Piece.
Read Article ... Published on 22nd May, 2015
Hammersmith and Fulham Council start Park consultation
Hammersmith and Fulham Council have launched a new consultation on Hammersmith Park, inviting local residents to have their say on the area and how it can be improved.
Read Article ... Published on 22nd May, 2015
New conservation areas planned around Waltham Forest
Waltham Forest has announced plans for two new conservation areas near Lloyd Park and Bakers Arms town centre.
Read Article ... Published on 20th May, 2015
Sutton Council announces Take Part Take Pride summer festival
Sutton Council has announced its Take Part Take Pride summer festival.
Read Article ... Published on 20th May, 2015
Brent Council teams with Brent Housing Partnership in new project
Brent Council has partnered with the Brent Housing Partnership as it aims to improve the standard of housing for local people.
Read Article ... Published on 19th May, 2015
Gardeners prepare for Islington In Bloom
Islington Council is preparing for this year’s “In Bloom” event by teaming up with local gardeners to identify the best greenery available in the area.
Read Article ... Published on 15th May, 2015
New fitness centre set to open in Manor Park
A new fitness centre is expected to be opened in Manor Park by Newham Council.
Read Article ... Published on 15th May, 2015
In one of the worst assessments of the property market to date, traders have predicted that house price will fall by almost 50 per cent over the next four years.