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12/03/2002
Booming UK house prices teeter on brink
Property boom areas in the UK could see thousands of pounds wiped of property values, as demand for prestigious housing in hot-spot areas tails off.
A report by financial information group Experian has revealed that homeowners in some of the UK's property boom areas could see the value of their homes fall by as much as 10 per cent.
Such is the low demand in previously sought-after areas that many could see thousands wiped off their property.
However, despite the warning, some housing market experts said they still believed that while the property market was likely to slow down, widespread falls in prices were unlikely.
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.
(MB)
A report by financial information group Experian has revealed that homeowners in some of the UK's property boom areas could see the value of their homes fall by as much as 10 per cent.
Such is the low demand in previously sought-after areas that many could see thousands wiped off their property.
However, despite the warning, some housing market experts said they still believed that while the property market was likely to slow down, widespread falls in prices were unlikely.
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.
(MB)
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Northern Ireland WeatherToday:A very mild, but mostly cloudy day, although with some bright or sunny spells. It will be mostly dry in the morning, but a little patchy light rain or drizzle at times in the afternoon. Maximum temperature 14 °C.Tonight:A band of heavier rain will move east during the evening before clearing eastwards after midnight. then mostly dry through the early hours, but a little rain towards dawn. Minimum temperature 8 °C.
