DAILY MAIL: The housing market is on the brink of a record slump, one of the country's leading experts warned.
Morgan Stanley's chief UK economist David Miles warned that prices will drop 10 per cent next year.
That would be the biggest full-year decline since records began in 1969.
A drop on that scale could plunge thousands of people into negative equity and recall the worst days of the recession of the 1990s.
Mr Miles, who has advised Gordon Brown on mortgages, said the pain would not end there, as prices could continue to fall in 2009. House prices 'will plummet by 10pc over the next year', says banking chief economist >>> By Sam Fleming
Mark Alexander
