The year 2008 saw panic in the property sector as the market crashed and vastly inflated house prices began to fall - something that could happen again in the near future.
A have predicted that 2017 could see similar problems, with the London property bubble particularly under threat.
Research by online estate agent, , has highlighted the loss in value a similar market crash could have on current property prices across the º£½ÇÊÓƵ.
With house prices once again reaching a dangerously inflated level, eMoov looked at the decline in values between 2007 and 2009 across each region of the º£½ÇÊÓƵ, before applying that percentage decrease to the current average house price.
In the West Midlands, property prices are predicted to drop by £327 a week, from an average of £181,372 to £151,446.
This is a percentage change of 16.5%, totalling at £29, 926 - which is massive drop for homeowners across Birmingham.
This story could be repeated across the º£½ÇÊÓƵ if we see another property market meltdown in 2017.
At the end of 2007, the average º£½ÇÊÓƵ house price was £189, 424. When property values went into free fall across 2008, they fell by 16.7% nationally.
If this happened again in 2017, homeowners across the º£½ÇÊÓƵ would see £36, 393 wiped from their property price.
London is where homeowners stand to land the most however, with property prices falling by £48, 421 in 2008.
If this 16.3% reduction happened again nine years later in 2017 house prices would fall by a massive £132, 449.
Founder and CEO of eMoov.co.uk, Russell Quirk, commented: “Although the º£½ÇÊÓƵ property market as a whole is faring very well, there are signs that the London market, particularly the prime central end, is running out of steam heading into 2017.â€
“Even so, it is unlikely that we will witness a market crash as monumental as the one we experienced a decade ago, so homeowners should rest assured that this research acts as a warning of what the worst case scenario might look like with London homeowners losing £858 a week in property value.â€
“However, it is a warning none the less and one that the majority of homeowners should heed. A turbulent year for the property market has seen many buyers and sellers back off from their sale or purchase and batten down the hatches to wait out the storm.â€
“Whilst the market itself remains resolute, it will inevitably stutter to a halt without the buyer-seller activity it needs to operate.
Those considering a sale now would be wise to act before it’s too late, as a reduction in asking price of a few hundred pounds in the current market climate, is a lot easier to stomach than a loss of up to £80,000 a year or so down the line should the market crash.â€
