Britons are predicting modest house price drops over the months to come, a study has shown.
Around three quarters of people expect house price falls over the next three months, the Building Societies Association (BSA) has suggested.
According to a new property poll from the association, 74 per cent expect the price drops. Of this group, the average predicted fall for the 12 month period stood at 7.1 per cent.
Region by region, Welsh people were found to be the most "pessimistic" about prices, expecting a 9.1 per cent fall. By contrast, Yorkshire and Humberside residents said that the fall would stand at just 4.8 per cent over the year.
Director general of the BSA, Adrian Coles, said that the new research gave grounds for optimism in the UK property sector. "It is clear that the positive outlook that has characterised the property market for the last few years is now a thing of the past, and people expect prices to fall over the next year."
He added: "However, this must be kept in perspective. Property price inflation has been so great over recent years that a 7.1 per cent fall in prices means that most people still have considerable equity in their property. Moreover, we must never forget that falling house prices mean that first time buyers now have more purchasing power."
The BSA's research was conducted by pollsters YouGov.
