Prepare for negative equity and repossessions

2008 is going to be a very bad year for the housing market. First-time buyers will find it harder than ever to get on the ladder, but it's the homeowners perched precariously on its lowest rungs who should worry most.

There finally seems to be a general consensus that 2008 is going to be a bad year for the housing market.

Last month both Nationwide and Halifax reported that house prices had fallen in November by 0.8% and 1.3% respectively.

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Ruth Jackson-Kirby

Ruth Jackson-Kirby is a freelance personal finance journalist with 17 years’ experience, writing about everything from savings accounts and credit cards to pensions, property and pet insurance.

Ruth started her career at MoneyWeek after graduating with an MA from the University of St Andrews, and she continues to contribute regular articles to our personal finance section. After leaving MoneyWeek she went on to become deputy editor of Moneywise before becoming a freelance journalist.

Ruth writes regularly for national publications including The Sunday Times, The Times, The Mail on Sunday and Good Housekeeping, among many other titles both online and offline.