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Survey: UK house prices down 9 percent in 2008

Survey: UK house prices down 9 percent in 2008

House prices in Britain fell by nearly 9 percent in 2008, and are likely to fall further next year as buyers are deterred by the economic slowdown, a leading property researcher said Monday.
Hometrack's monthly national housing survey said the price of the average home in the U.K. fell by 8.7 percent this year to 159,900 pounds ($235,694), as banks reined in mortgage lending amid the credit crunch.
The steepest house price declines were in London, where the average price fell 10.1 percent in 2008, including a sharp 1 percent drop in December, Hometrack said.
In the report, Hometrack's director of research, Richard Donnell, predicted the price of houses in Britain would fall even lower next year.
"The onset of recession and the prospect of rising unemployment over 2009 will continue to damp confidence and in turn demand, which will inevitably lead to further house price falls over the next 12 months," said Donnell.
Earlier this month, Hometrack's 2009 housing forecast predicted that house prices in Britain would fall by 10 percent in 2009.
The Royal Institution of Chartered Surveyors and Rightmove PLC have also forecast that house prices will drop by 10 percent next year.
Several other leading British research groups _ Nationwide and the Council of Mortgage Lenders _ decided not to publish house price estimates for 2009 because of market volatility.


Updated : 2021-04-15 20:06 GMT+08:00