UK house prices need to fall up to 63%

According to the Daily Mail, house prices need to fall by a lot more than the 8% to date in the UK in order to make them affordable for first time home buyers. The 63% number comes from the least affordable borough, Westminster in London, where prices would need to drop by £400,000 or 63% to make them affordable.

Source
House prices must fall 63pc before they become affordable, 14 Jun 2008

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