» Property prices average a fall of £78 per day
Article Published: 20th November 2008
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According to London based estate agent Savills, the property market could take ten years to fully recover.
The average home is currently losing £78 per day and will fall by a total 16 per cent in value during 2008 and a further 11 per cent by 2009. The average home will then be worth approximately £136,000. Prime properties worth from £1 million are losing £493 a day with properties in London and the south east expected to recover their value a lot sooner than those elsewhere in the UK. London rental values are falling at a rate of 7 per cent as the demand from city workers dwindles along with the amount of jobs available.
Although others making predictions have not entirely echoed Savills’s bleak figures, most do not believe the market will recover soon,
The mortgages on offer at the moment are slowly showing signs of becoming more affordable to the average buyer with lower rates and larger loan to values. This will help more people move home or climb on to the ladder for the first time. The proportion of buyers paying for properties with cash is expected to increase by to 40 per cent from the current figure of 25 per cent. The average first time buyer will need to find a deposit of £16,720.
Estate agents across the country have recorded a record low in the sale of properties with some failing to sell any for weeks at a time and others averaging 3 per week.
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