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UK house price fall 8.7% in 2008
29 December 2008
SURVEY: British house prices fell by an average 8.7 per cent in 2008 and will likely plunge a further 12 per cent next year, property information firm Hometrack said on Monday.
The company's research director Richard Donnell warned of further price falls to come as rising unemployment forces more sellers into the market.
"The onset of recession and the prospect of rising unemployment over 2009 will continue to dampen confidence and in turn demand which will inevitably lead to further house price falls over the next 12 months," he said.
Properties in London, the surrounding southeast England region and in eastern England were the hardest hit, according to Hometrack's survey of more than 1,800 estate agents and surveyors across Britain.
It said the biggest average price fall in 2008 was in the capital - a slump of 10.1 per cent.
Earlier this month, Britain's biggest provider of home loans said house prices slumped by a record 14.9 per cent in the three months to November compared to a year earlier.
The average price of a house in Britain stood at STG163,605 ($A348,763), said Halifax, which is part of British bank HBOS.
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