Fears over the length of the housing slump grow |
23 2008 |
| Over half of prospective homebuyers in the UK feel the current price slump will last for at least another two years. FindaProperty.com conducted a poll which showed that 32 per cent of people believe that the downturn could last for up to two years, while a further 20 per cent claimed that falls will continue for even longer. The figures appear to confirm growing fears about the state of the market and corroborate last week's announcement from HBOS that it expects prices to fall by nine per cent in 2008. Michael O'Flynn, the website's content editor, said: "The figures here make very interesting reading. The majority think house prices will fall by ten to 15 per cent and on average feel that the current problems will last around a year or two." Twenty-four per cent of those surveyed predicted decreases of 15 to 20 per cent from the peak prices experienced in 2007, while 12 per cent forecast decreases of over 20 per cent. The research also showed that 33 per cent could see falls of ten to 15 per cent, while 26 per cent suggested drops of five to ten per cent were more likely.  |
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