Halifax Bank of Scotland (HBOS) is writing off another £1bn and is warning of a more rapid decline in the housing market. In a trading update, HBOS said it now expects UK house prices to fall 9% this year, twice the rate it previously forecast. It is also predicts housing transactions will fall by 45% in 2008.
As I have said before, expect a 40% drop in average house prices from top of the market last spring/summer to the bottom in a couple of years time.
Thanks Gordon.
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