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House Prices To Fall By 10 Per Cent In 2009

Wed, 17 Dec 2008
House prices in the UK are set to fall by a further 10 per cent over the next twelve months, according to latest estimates by property website Rightmove .

The company‘s House Price Index reveals that the average asking price for a home in England and Wales currently stands at 10.2 per cent (£24,692) below its peak in May and will continue to fall by another 10 per cent during 2009 as the economy continues to falter and unemployment rises.

The index shows that average asking prices have fallen by 2.3 per cent this month to £217,808, down from £222,979 in November.

Miles Shipside, commercial director of Rightmove, commented: "For those select buyers looking for a quality property and who are willing and able to proceed, 2009 is likely to be the year of the deal."

"While we predict 2009 will be the year of the property deal, 2010 will still be a buyer’s market," he added.

Howard Archer, chief UK economist at IHS Global Insight, expects house prices to fall by a further 15 per cent in 2009 and then by a further 5 per cent in the first half of 2010 before stabilizing – a view shared by Barclays group chief executive John Varley.

The Barclays CEO recently warned that the UK was only "halfway" through its current slump and therefore expects prices to fall by another 10-15 per cent between now and the end of next year.
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