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House prices 'set to fall'
Monday, 11 March, 2002, 17:37 GMT
Experts believe the property market is set to slow down
news.bbc.co.uk
Homeowners in some of the UK's property boom areas have been warned that they could see the value of their homes fall by as much as 10%.
Financial information group Experian says low demand in previously sought-after areas could see thousands wiped off property.
The group's report highlights 25 areas most at risk, with the wealthy London borough of Hammersmith and Fulham leading the list.
Despite the warning, some housing experts said they still believed that while the property market was likely to slow down, widespread falls in prices were unlikely.
Areas at risk
Experian said that figures from the Land Registry showed that the number of sales in their "hotspot" areas were down sharply over recent months.
The group said this would suggest big price cuts would be needed to get the property market moving again in these areas.
In Hammersmith and Fulham, prices might have to fall by an average of £68,000, they warned.
Other areas identified as being at risk included Cambridge, Lambeth, Tower Hamlets, Newmarket, Oxford, Brighton and York - all of which have seen property prices rise between 136% and 251% since 1995. |
