AXA: Middle Britain house prices will drop £40,000 by Christmas

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AXA: Middle Britain house prices will drop £40,000 by Christmas

Property prices on households with incomes of £40,000 to £100,000 will fall by £40,000 by the end of the year, according to a new report.

The economic downturn is being blamed for the prediction from AXA Financial Taskforce.

Middle Britain, as defined by an earlier report by AXA and the Centre for Economic & Business Research, is expected to experience an 18.3 per cent price fall, compared to a 12.8 per cent drop in the overall market.

Steve Folkard of AXA said there is "nothing to suggest" Middle Britain will experience negative equity on the same scale as seen in the early 1990s but warned that equity in a property bought this year "could go down before it goes up".

House prices are wrecking villages, according to a National Housing Federation report covered by the Guardian.

With the average family house in South Buckinghamshire now costing £525,000, young couples are being forced to move away from the country, leaving areas unable to sustain schools and shops.
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