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British house prices are expected to fall significantly in 2009 as banks tighten home lending criteria and buyers baulk at purchasing as a result of worsening economic conditions, Hometrack, a property research house, has reported.
Speaking with the AAP, Hometrack’s director of research Richard Donnell said because of the market turmoil the group wasn’t as sure about its prediction as in previous years, but publishing it bucks a trend among British research groups – which have abandoned house price estimates because of market volatility.
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Hometrack said its central forecast was for house prices to fall a further 10 per cent in 2009 and three per cent in 2010 – these were on top of falls of nine per cent in 2008.
