2008 has been a bad year for house prices. Of course, it is excellent news for those who have been priced out of the market. It may even help regional economies like London attract key workers. However, it is bad news for speculators and estate agents who have seen house prices fall and the number of transactions drop remarkably.
There is a strong momentum for falling house prices and this is likely to continue into 2009. There are some bright spots on the horizon such as prospect of lower interest rates and a freeze on stamp duty. But, in the short term it is hard to see when the house price drop will end, as many wait on the sidelines for house price falls to bottom out.
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