House values fall more .hurriyet2008-detailbox-newslink { font-family: Arial, Helvetica, sans-serif; font-size:13px; font-weight:bold; text-decoration:none; color:#000000;} .hurriyet2008-detailbox-newslink:hover { font-family: Arial, Helvetica, sans-serif; font-size:13px; font-weight:bold; text-decoration:underline; color:#990000;} LONDON - House prices in Britain will fall a further 10 percent next year as the recession deepens and exacts a heavier toll on households, a leading housing index predicted on Monday.

Property Web site Rightmove said it expects average house prices across the country - as measured by amount sellers advertise them for - to drop by 10 percent before the end of 2009, bringing the cost of an average home down from 217,808 pounds ($327,471) now to just 196,027 pounds at the end of next year.

Rightmove said that this drop will come on top of falls of 10 percent - or 24,692 pounds - that the market has already endured since its peak in May 2008, including a 2.3 percent drop between mid-November and mid-December.

The housing market has been hit by the simultaneous reduction in the availability of mortgages resulting from the credit crunch and a drying up of demand as buyers are deterred by the threat of job losses and falling income amid the economic downturn.

"For those select buyers looking for a quality property and who are willing and able to proceed, 2009 is likely to be the year of the deal," said Miles Shipside, commercial director of Rightmove. Rightmove's study comes as the chief executive of Britain's Barclays bank predicted that house prices will fall by as much as 15 percent in 2009.
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