UK house prices 'drop' by 15 per cent
Property professionals
16th October 2008
House prices in the UK could fall by a further 15 per cent, it has been claimed.
Estate agent Knight Frank said the country is halfway though a correction in the housing market, reports the Press Association.
Liam Bailey, head of residential research at the firm, said that homeowners needed to know when prices are going to stop falling.
"Prices in the UK peaked in late 2007 and have fallen sharply since that point," he commented.
"Our forecast suggests that we are now at least half way through the process of price falls, with around 15 per cent of an estimated 30 per cent peak-to-trough decline already factored into prices."
Mr Bailey also forecasted that the market would bottom out late next year or in early 2010.
Financial News reports that commercial property in the UK suffered its worst single month since December 2007 in September.
