Private Property Prices 'to fall by up to 30%' from 2012 to 2014

Prviate home prices in the mass market could fall by up to 30 per cent over the next three years as supply ramps up amid falling demand according to a new report.
Standard Chartered analysts see demand being hit by the stuttering economy and slower population growth in the wake of tighter immigration rules.
Population growth will shrink to between 1.5 and 2 per cent for the next three to five years, they noted, while economic expansion is set to slow to 3 to 4 per cent, from an averag of 6.1 per cent over the past five years.
But housing supply will go the opposite way with the number of mass market units expected to rise by 3.1 per cent next year and 5.4 per cent in 2013.
"We expect lower population growth and high completion to induce a 20 to 30 per cent decline in home prices from 2012 to 2014." The report said.