Most Brits expect modest house price correction Published: 27/06/2008

Most Brits are predicting modest property price falls this year, according to a new poll by the Building Societies Association (BSA).

The majority expect the cost of the average house for sale to fall by more than five per cent, but less than ten per cent, the figures show.

The average prediction is 7.1 per cent, though the survey highlights marked regional differences in outlook.

Welsh homeowners are the most pessimistic, forecasting average falls of 9.1 per cent, while those in Yorkshire and Humberside are adamant that prices won't fall by more than five per cent.

"The survey also shows the great differences in anticipated price changes between people in different parts of the country," said BSA director general Adrian Coles, noting a north-south divide in opinion.

"It emphasises the importance of buyers and sellers looking at their local marketplace before making decisions rather than concentrating on national headlines."

Around five per cent of the population expect to see price remain the same over the course of the next 12 months. Overall, more than a quarter expect to see prices either rise or remain the same.

Official figures published this week by the Land Registry show that prices remained flat in May, with the typical property still worth 1.8 per cent more than 12 months previously.

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