Barclay’s Bank expects UK housing prices to continue to fall in 2009, according to chief executive John Varley. Home prices may fall from 10-15 percent next year, and unemployment will also rise, said Mr. Varley in an interview on Sky News. Varley said that overall, Barclay’s believes that property prices across the UK will slide from 25-30 percent from their highs.
“We’re probably about halfway through that period, so in other words we’ve got another 10-15 percent to fall between now and the end of next year,” Varley said in an interview with Sky’s Jeff Randall Live program.
The bank looks for more unemployment in 2009 and expects the economy to contract. It estimates that it will start growing again in 2010.
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