| From propertywire.com: The UK property market will continue to see prices falling for the next 18 months and recovery may not begin until 2010, according to an analysis of the current downfall.
The worst case scenario is that it could be even worse than the last major downturn in the 1990s as prices have fallen further but it will not be as bad as in the US or Spain.
'If you look at the UK market as a whole you are seeing prices fall, with the exception of Scotland for various reasons. And I think the reality is that we should expect prices to fall further over the next year to 18 months,' said Liam Bailey, Head of Research at Knight Frank.
He said prices have fallen much quicker than they did in the 1990s. 'The assumption for most people is, if prices fall it's not ideal, but actually the best and most important thing is we get churn in the market, that deals are done, and this time round it seems to be much quicker and much harder than it was in the 90s,' he explained..... Full Article: Source
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