Liberal Democrat Shadow Chancellor Vince Cable has forecast house prices may yet fall by a further 20%.

Cable’s comments follow the publication today of Nationwide Building Society’s latest House Price Index, which revealed prices fell almost 16% during 2008.
Cable said: "Prices have now fallen nearly 20% from their peak and may well have just as far to fall again. Although ministers are talking the talk on mortgage equity and repossessions, in practice the ideas are not being followed through. The Government should take advantage of the slump in land prices to get housing associations and councils commissioning new social housing, which would stop big building firms from going under."

Lovely some more nice positive speak like we all need, not! this is quite surprising from someone who knows a lot better than talking the country down.

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