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Estate agents Knight Frank said the country is at the midway point through a housing market correction, reports the Press Association.
Knight Frank's head of residential research Liam Bailey said that homeowners needed to know when the downward spiral of house prices is going to stop.
He commented: "Prices in the UK peaked in late 2007 and have fallen sharply since that point."
"Our forecast suggests that we are now at least half way through the process of price falls, with around 15 per cent of an estimated 30 per cent peak-to-trough decline already factored into prices."
Meanwhile, in the regional new build sector, prices have dropped by around 50 per cent.
According to Financial News, September was the worst single month for the commercial property in the UK since December 2007.
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