Article: House prices to fall by 20 per cent this year.

Article from:
Daily Mail (London)
Article date:
February 2, 2008
Copyright

Byline: Leah McDonald

HOUSE prices could have fallen by a staggering 20 per cent by the end ofthis year, according to figures published yesterday.

The latest index compiled by Permanent TSB and ESRI shows that house priceswill nosedive during 2008, confirming the worst fears of many in the market.

Previous predictions had forecast a 20 per cent reductionover the next four years.

House prices nationally declined by 7.9 per cent in 2007compared to increases of almost 12 per cent in 2006.

The news will also come as a massive worry to existing homeowners who havealready borrowed extra against the estimated value of their houses.

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