The Centre for Economics and Business Research (CEBR) is predicting that the average cost of a UK home will fall up to £40,000 by the end of 2009. The independent consultancy expects the market to show signs of stability in 2010, having seen a maximum 20% decline in prices, from the market peak last summer. Based on [...]

More: UK house prices to fall by an average £40,000

That's quite shocking actually - For it to only stabalise in 2 years!

House prices in the UK are far too high tough, but how will this affect first time buyers, land lords and those desperate to sell - not great...

Indeed, £30k is a lot of money, but it's also worth remembering it's only a paper loss - ie, if you sell now. Also, the figures hide the fact that most of the decline is being powered by flats, rather than detached properties, which have lost far less value.