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Ten percent drop in house prices predicted
15 October 2008
MPs were told yesterday that house prices will fall a further 10% before the market begins to stabilise.
This news has come after the number of first time buyers has dropped to a record low. 15,600 people bought their first home during August which is less than half the 34,800 who bought a property in the same month last year. This is the lowest level since the Council of Mortgage Lenders started colecting data in 2002.
Lenders are now expecting around a deposit of around 16% of the mortgage value. The average amout borrowed was £106,754, the lowest since May 2006.
It is not all doom and gloom however, it is expected that house sales will pick up quite sharply after the market has leveled out.
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