Britain ‘is on the brink of the worst house price collapse since 1990s’: Experts predict property costs could plunge by FORTY PER CENT and leave millions with negative equity

‘House prices are teetering on the brink of a crash that could be as bad as the bust of the early 1990s, a leading expert has warned.
There are already warning signs that prices are heading towards a near 40 per cent plunge, warns Paul Cheshire, Professor of Economic Geography at the London School of Economics.
It raises the alarming spectre of the return of ‘negative equity’ – when a house falls so far in value it is worth less than the mortgage – which hit one million people at the worst point in the 1990s.
Speaking exclusively to The Mail on Sunday, Prof Cheshire, a former Government housing adviser, said: ‘We are due a significant correction in house prices. I think we are beginning to see signs that correction may be starting.’
Read more: Britain ‘is on the brink of the worst house price collapse since 1990s’: Experts predict property costs could plunge by FORTY PER CENT and leave millions with negative equity