UK House prices face a plunge of 10.5%
Friday, August 29th, 2008 
Posted by Overseas Property Mall in It’s official - according to Nationwide Building Society, the average cost of homes in the UK have plunged by 10.5% within the last 12 months to the end of August
UK housing is currently facing trying times as house prices fall at their fastest rate in 18 years. The rate has been at its fastest this month (August 2008) recording a drop by 1.9 per cent, following drops of 1.5 per cent and 0.9 per cent in July and June respectively.
All this is in the midst of Taylor Wimpey’s massive £1.5 billion loss and two-thirds loss of their stock value.
Is this going to hamper or encourage overseas property investment by Brits?
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This entry was posted on Friday, August 29th, 2008 at 9:00 am and is filed under UK Property. You can follow any responses to this entry through the RSS 2.0 feed.
2 Responses to “UK House prices face a plunge of 10.5%”
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Mithat Tecelli Says:
August 29th, 2008 at 3:51 pmThe housing market ‘crash’ of 1987 is still fresh in my mind. It was a time when negative equity was the common bond between ‘20 somethings’ bemoaning our plight. Those were the days when the majority of lenders would give 2.5 x earnings mortgages… and it was tough repayment then too. I feel sorry for the new generation of ‘20 somethings’ who face negative equity and are on 5+ x earnings mortgages. The majority of their wages.
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Buy My House Says:
September 2nd, 2008 at 12:00 pmWe are facing a real tough time over here in the UK. The average home now costs £164,654, which is more than £19,000 cheaper than the average price one year ago.
Anyone hoping to get a quick sale in this market will have to look at reducing their prices considerably - by this I mean to around 65% reduction.
I think professional property investors will see there are bargains to be had in the UK market at the moment. However maybe the overseas market may be of interest to first time buyers, who want to get a foot on the property ladder but don’t want to face the negative equity situation they may suffer in the UK.
