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From the Daily Mail:
Detached house prices plummet £270 a day as property market enters slowdown
Last updated at 20:33pm on 14th January 2008
Owners of detached houses are the biggest losers in the weakening property market, official figures have revealed.
They saw an average of £8,394 wiped off the value of their homes in four weeks late last year. This works out at £270 a day.
The average price of a detached house dropped by 2.4 per cent in November, bringing misery to thousands of families who have recently paid a fortune for a new home.
Last updated at 20:33pm on 14th January 2008
Owners of detached houses are the biggest losers in the weakening property market, official figures have revealed.
They saw an average of £8,394 wiped off the value of their homes in four weeks late last year. This works out at £270 a day.
The average price of a detached house dropped by 2.4 per cent in November, bringing misery to thousands of families who have recently paid a fortune for a new home.
Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said: 'Further weakness in the housing market is likely over the coming months.'
Kelvin Davidson, property economist at Capital Economics, added: 'Price falls will become more common.'
His company predicted that prices will fall by 5 per cent this year and 8 per cent next year.
Kelvin Davidson, property economist at Capital Economics, added: 'Price falls will become more common.'
His company predicted that prices will fall by 5 per cent this year and 8 per cent next year.
Research published yesterday, showed that lenders are rushing to axe 100 per cent mortgage deals.