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House price plunge predicted for 2008

Tuesday 29th January 2008

House prices could fall by ten per cent during 2008, according to a UK fund manager.

Neil Woodford of Invesco Perpetual believes that prices are too high and the average price of a home will have to drop.

If his predictions are correct it would mean homes losing £50 of value a day totalling £18,500 by the end of the year.

"Although my forecast is for house prices across the UK to fall eight to ten per cent in 2008, the decline may be much worse in certain areas," he told the Daily Mail.

But Mr Woodford was not alone in his predictions as Roger Bootle, economic adviser to Deloitte, warned that a sharp fall in house prices was on the way.

Speaking to the Daily Telegraph, Mr Bootle said the decade of prosperity for UK houses prices was over and the market could be in line to experience a significant fall.

He predicted a period of "prolonged" economic downturn of more than a year that may force job losses as well as falls in the price of property.

Richard Aylen

© Copyright 2007

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