House prices ‘could fall a further 30%’

House prices could plunge a further 30% in the property market crisis, a key member of the Bank of England has warned.

Becky Barrow, Daily Mail - 22 July 2008

The assessment from David Blanchflower, a member of the Bank’s interest rate- setting committee, would mean about £55,000 being wiped from the value of the average home, currently £180,350.

At this level, house prices would return to the levels of 2003, a disaster for many who have bought in the last few years. House prices have already fallen 8.6% since January, cutting the price of the average home by nearly £17,000 - full article