House buyers ‘jittery’ in 2007

FOUR years ago, almost two-thirds of consumers expected house prices to rise each year until 2012, according to an ESRI report.

One-in-10 people expected prices to increase by “a lot” between the years 2007 and 2012, while half said they would increase “a little”. Just 18% expected prices to drop during this time, according to a survey conducted by the Economic and Social Research Institute (ESRI) in January 2007, one month before house prices peaked.

Since the start of 2007 house prices have plunged by around 40% and are still falling.