Second-hand house prices face 20% drop

SECOND-HAND house prices could be down by as much as 20% from their mid-2006 peak, according to the country’s estate agents.

This drop, coupled with a 10% fall in new house prices resulted in a step-up in the level of inquires and viewings last month as buyers take their time to shop for bargains.

Three out of four estate agents said they saw a pick-up in the level of inquires and viewings in January compared with the same amount who saw no increase in December.