Property prices have dropped for the third month in a row and the bank of England is feeling the pressure to cut interest rates as trading slows this Christmas.

Jonathan Davis who spoke on behalf of House Price Crash during the BBC program predicts that properties valued at £300,000 will fall to an astonishing £200,000. Great news for first time buyers, not so great news for property developers.

The inevitable correction in the housing marking has been awaited by many trying to get on the ladder, will this finally be the crash all first time buyers have been hoping for?

Check out the video below from BBC News: