Housing market expected to crash as thousands of Britons lose their jobs

The housing market is expected to crash as thousands of Britons lose their jobs. The crash will be driven by the rental sector as the amount tenants can afford to pay plummets due to wage cuts and unemployment.

Yorkshire and East Anglia are expected to be the hardest hit with house prices dropping 16.5 per cent this year.

Next come the North-West and West Midlands with 16 per cent falls. The collapse in prices would take up to £38,000 off the price of an average UK home.