House prices could fall by 30 per cent
The question over whether to move or improve may be answered by the latest statistics from Savills.
Research from the international estate agent led it to predict that house prices will have fallen by 30 per cent by the end of the year when compared to 2007 levels.
Furthermore, the total number of transactions looks set to fall in 2009 – a prediction that may convince some to abandon plans to move.
For some, the best option will be home improvement, with a new conservatory or dining room extension being just two attractive options.
"There remains a combination of denial and lack of urgency [within the UK residential market]," the Savills report suggests.
"But there is more pain to come, and weve suggested that house prices will fall by 30 per cent between the start of 2007 and the end of 2009."
The predictions were backed up by the recent news that Chesterton Humberts recorded a 16.1 per cent fall in house prices between February 2009 and the same month in 2008.