The recent cooling in the UK property market spells good news for buyers, an independent financial website claimed today.
Fool.co.uk welcomed a fall in property prices, saying that it was exactly what buyers had been waiting for.
David Kuo, head of personal research at the Fool.co.uk, predicted that house prices will fall by as much as 20 per cent this year, remarking: "I think we are already seeing indications – in December house prices were starting to moderate, and I think that will continue through 2008 itself."
However Mr Kuo urged prospective buyers to be "very, very cautious".
"Even though house prices will be down by about 20 per cent, it will still represent about six times the average salary, which is still quite high," he said.
A crash in the housing market has been widely predicted since the credit crunch, with figures published in November by the Land Registry showing a calmer market.
