Negative Equity Threat "for 1.7m"
About 1.7 million people could be pushed into negative equity in the next year if house prices keep falling at their current rate, a report claims.The credit ratings agency Standard & Poor's (S&P) says house prices may fall by a further 17% in the coming year.
That means 14% of all mortgage holders in the UK would find their homes were worth less than their mortgages.
House prices have been falling amid a credit crunch, induced by irresposible lending in the US sub-prime housing market, that has seen lenders cut the number of mortgages they offer.
"The downward trend in UK house prices now seems well established, and we expect prices to continue falling in the near term," said S&P.
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