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House prices could fall by as much as 35 per cent over the next three years, an industry expert has predicted.
As the housing market slows, those looking for mortgages may like to know that, according to Firstrung, prices may fall by 12 per cent during 2008.
Chief executive of Firstrung Paul Holmes stated that despite a marked drop in the prices of homes across the UK, first-time buyers and those with bad credit may still not be able to get on to the housing ladder due to the "credit crunch mess".
He added: "We`re now reverting back to the lending standards that the banks and building societies operated within in the 1980s. It`s become that bad. We`ve reverted back to that situation in six months."
Last month, a study by Halifax found that houses in 96 per cent of British towns are unaffordable to first-time buyers.
