House prices ‘to fall further 16%’

HOUSE prices are likely to plunge by a further 16% before the bottom of the market is reached, according to Goodbody Stockbrokers.

This comes as figures show 200,000 homeowners are facing a negative equity nightmare this year.

Goodbody Stockbrokers said a number of factors are required before an improvement is seen in the housing market. These include a more favourable labour market outlook, an improvement in the flow of credit and an improvement in confidence levels.