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15/12/2008
House prices will decline by 10% next year, Rightmove says |
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Rightmove has forecast that house prices will fall by a further ten per cent in 2009.
In its house price index, the property website predicts that prices will bottom out at the end of 2009.
However, Miles Shipside, commercial director of Rightmove, says that it is "impossible to accurately predict" when the bottom of the market and when the best time to buy is.
He says that you only recognise that moment "when you look back at a consistent history of cheaper deals".
Meanwhile, the Council of Mortgage Lenders has suggested that it may abolish its own house price predictions for 2009.
Rightmove claims that asking prices fell by 2.3 per cent in December to an average of £217,808, representing a 6.6 per cent fall year on year.
November saw a 2.9 percent fall to £222,979.
The index shows that 68,000 new Christmas sellers have reduced asking prices by further 2.3 per cent, or £4,829. |
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