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That is a given Alexander. They certainly will fall although slightly richer folk from rich and exotic climes are buying up property in the better parts of London as a hedge. As for the rest of we mere mortals, indeed, they will plummet.
What's worse is that the torrid economic peril we face is only one side of the story.
Now that our government has seen fit to impose further, ahem, green measures to save the planet we will be lucky if any new houses are built after 2016.
They have decreed that all new homes must be (scuze me while I pace the room for a moment before writing this) must be zero carbon. So according to those in the field this will add an extra 37 odd grand to the price of an average house.
Furthermore those unlucky to live in rural locations will find that new builds will be banned from installing oil or gas fired cylinder heating. They will have to fend off the cold by using wood pellets or heat pumps whatever the hell those are.
At 11 grand and 18 grand respectively yet more costs are added on.
So yes you're quite right house prices will fall in the short term but with such a shortage of housing and our population increasing exponentially who can really tell where they go?
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