A majority of homeowners across the UK expect to see the value of their property decline over the course of the next 12 months, according to recent research.
Figures compiled as part of the Building Society Association’s Property Price Tracker show that almost three-quarters of Britons believe values will fall in the coming year.
Around one in four of those polled said they think the decline will wipe between five and ten per cent off the value of their property and for many this could mean debt management and money problems in months to come.
The BSA’s director general Adrian Coles said: "It is clear the positive outlook that has characterised the property market for the last few years is now a thing of the past and people expect prices to fall over the next year."
Moneyfacts reported last week that a two-year fixed-rate mortgage deal in the UK now carries an average interest level of over seven per cent.