Even by 2020, there is only just over a 50% chance of a real house price rise relative to 2007.
John Hawksworth, chief economist at PwC, said: "We expect average UK house prices to drift down further over the next year and then enjoy only a modest recovery over the next few years. This reflects the dampening impact of declining real income levels and continued tight credit conditions for first-time buyers in particular.
"Later in the decade, however, we do expect stronger house price growth as supply shortages reassert themselves and credit availability gradually returns to more normal levels. But it will be a long slow road to recovery."
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