Typical house price to lose a quarter of its value - Telegraph

Typical house price to lose a quarter of its value - Telegraph: "Halifax, Britain’s biggest mortgage lender, said average house prices dropped to £162,435 in November, down 1.3 per cent on the previous month and 1.6 per cent on the same period a year ago.
But economists forecast that values will drop even further this year to just £150,000 amid concerns about the economy.
It would mean a total drop of £50,000 in prices from the beginning of the credit crisis in August 2007, when they stood at £199,612.
Martin Ellis, housing economist at Halifax, said: “Uncertainty about the economy, weak earnings growth and higher taxes could put some downward pressure on demand.”
It comes amid growing speculation that the Bank of England will raise interest rates this year to combat higher inflation."