A recent report from Numis Securities predicts that house prices in the UK could slump by a further 55%. It also predicts a deep recession lasting throughout next year (2010) and a 'very real probability' that Britain will go bankrupt, reports the This is Money website.
UK prices have at this stage fallen 21% from their peak. The Numis report says they are likely to slump by a further 55% if the over-correction in prices is as bad as that experienced in the early 1990's.
The article estimates that this would leave six million Britons in negative equity - when their house is worth less than their mortgage.
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