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The latest data from futures trading relating to the UK property market suggests that real estate around the country will dip in value by ten per cent over the course of this year and at a similar rate in 2009.
In four years time, property prices in the UK will have been reduced by almost 50 per cent and will only recover their present market value by 2017, according to the Halifax's index.
Reflecting on the figures, Liberal Democrat Treasury Spokesman Lord Oakeshott told the Guardian: "This government says this housing depression will be different from the early 1990s. Yes, that's right. It will be worse."
Meanwhile, a report from the Telegraph has suggested that the independent mortgage broker John Charcol is set to offload around 50 members of its current workforce in light of the decline of the housing sector.
