Fears for a slide in property values emerged after new figures revealed last week that the UK has “double-dipped” into a fresh downturn.
The figures are expected to deal a blow to already weak consumer confidence, underscoring the likelihood of a market slump.
“It is not good news for the housing market, given it’s already struggling,” said Howard Archer, chief UK economist at IHS Global insight. “In the current environment it’s quite a large step for people to commit to buying a house.”
The potential drop in prices is expected to be more significant than that seen recently.
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