A list of property boom areas in the UK, which could be in line for a plunge in house price val...
A list of property boom areas in the UK, which could be in line for a plunge in house price value, has been exposed in new research.
The top five areas in the firing line are Hammersmith and Fulham, Cambridge, Lambeth, Tower Hamlets and Newmarket. Other areas at high risk on the 25 strong list include Brighton, Oxford, St Albans and Camden.
The group behind the research, financial information group Experian, suggests while prices in these areas have experienced an exceptional increase over the past year and any where between 130% and 250% over the past five years, sales have decreased markedly.
The implication is only the more desirable properties are moving and not the market as a whole. In order for the whole market to gather momentum, the group argues there will need to be some "jump-start action" which it believes will happen in the shape of reductions in prices.
The gravity of these price reductions could be as much as 10% says the group, which in number one hot spot, Hammersmith and Fulham would mean a cost cut of around £68,000.
Experian's scenario hasn't been universally accepted. Take London for example where it's generally accepted there is a shortage in the supply of housing - it's difficult to see prices dropping so far against a basic supply and demand imbalance.
Alliance & Leicester claims one in five prospective homebuyers in Britain are looking to buy in the south east over the next year, which is 12% more than its autumn finding.
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