British house price falls in 2008
Tuesday, 30 December 2008
LONDON, Dec 29 (AFP): 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 today.
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.
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.