Neil Woodford, one of Britain's most powerful fund managers with investment house Invesco Perpetual, said house prices are simply too high and the average home will drop £18,500 by New Year's Eve, or £50 a day.
Some parts of the country could be even worse hit, with buyers of newly built flats aimed at the buy-to-let market worst hit, as he fears these will become 'almost unsellable'.
Neil said 'Although my forecast is for house prices across the UK to fall eight to 10% in 2008, the decline may be much worse in certain areas.'
But even the most pessimistic of the more respected housing commentators, Capital Economics, had been forecasting a fall of only five per cent this year.
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