Property prices in the UK are likely to fall by 12 per cent, after declining 8.7 per cent during 2008, new research has found.
According to the study by Hometrack, the figures suggest that the market could be edging down following a 0.9 per cent monthly decline in December, in contrast to the 1.1 per cent drop in the preceding month.
Research director Richard Donnell said: "The onset of recession and the prospect of rising unemployment over 2009 will continue to dampen confidence and in turn demand which will inevitably lead to further house price falls over the next 12 months."
And on the subject of increasing unemployment, a study by the Chartered Institute of Personnel and Development has found that 2009 could be the worst for almost 20 years.
It has been predicted that as many as 300,000 workers could lose their jobs within the first quarter of the new year.
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