House prices could fall in Britain by as much as 10% in the coming year, the world’s leading economic authority warned yesterday. Daily Telegraph

Britain is heading for a decline in the housing market similar to that in America, while the number of people having their homes repossessed could double, the International Monetary Fund said.

In addition, millions of home owners face an increase of £3,000 or more in their annual mortgage bills as a result of the credit crisis, the report said.