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UK homeowners 'expect' price falls
27 June 2008
Homeowners in the UK are anticipating that property prices will fall over the coming year, although by how much depends on where they live.
Research carried out by the Building Societies Association (BSA) found that 74 per cent of the people polled thought that house prices would drop over the next 12 months.
On average, respondents forecast declines of 7.1 per cent, but people in Wales anticipated drops of 9.1 per cent. In contrast, homeowners in Yorkshire and Humber thought prices would fall by just 4.8 per cent in the next year.
"It is clear that the positive outlook that has characterised the property market for the last few years is now a thing of the past and people expect prices to fall over the next year," said BSA director general Adrian Coles.
He urged homeowners, however, to keep some perspective when it comes to price declines as many will "still have considerable equity in their property" and so they should assess the "local market place before making decisions rather than concentrating on national headlines".
Research carried out by Abbey recently found that more than one million homeowners intend to capitalise on falling prices to purchase a bigger property.
