posted on Oct, 7 2010 @ 08:43 AM
£6,000 ($9,560) wiped off the average UK property value in one month!
The recovery. What recovery! Banks are said to be 'fragile' and in need of fresh input. Bailouts, QE call it what you will is now looking more likely.
They can not hide it for much longer. It will hit hard and it will hit fast.
Sue Anderson, a spokesman at the CML, said: "The future direction of house prices remains uncertain." It is this kind of language that shows why I
trust not what they say. They know exactly that there is no way after a record fall that there is any chance that house prices will recover in any
meaningful way soon.
People just can not afford the house prices. People that did buy in recent years also took out loans because their house was like a bank for them.
They were being told that their house was worth more and more each month. They felt rich and lived that lifestyle. Now they know different.
(visit the link for the full news article)
edit on 7-10-2010 by Pentothal because: (no reason given)
Also see related story:
UK house prices fall by record 3.6pc in a month
The UK housing market has suffered a shock as figures from the Halifax revealed the average price of a property dropped more than £6,000 in
The group said an increase in the number of properties on the market, combined with a drop in demand fuelled by uncertainty over the economy, forced
prices down 3.6pc - the biggest monthly fall since figures were first compiled in 1983.
The price of an average home in the UK dropped from £168,124 in August to £162,096, Halifax figures showed.
edit on 7-10-2010 by Pentothal
because: (no reason given)