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 survey of leading economists 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 UK.

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 UK, 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 UK if we see another property market meltdown in 2017.

At the end of 2007, the average UK 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 UK 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, Russell Quirk, commented: “Although the UK 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.”

“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.”

“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.”

“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.”