December 31, 2008
More to come in 2009
Story link: More to come in 2009
If you take a look at a few countries that have a strict lending criteria compared to the UK, you will see that the value of house prices run parallel to levels of lending, i.e.: they are a lot cheaper in comparison to UK properties.
Maybe the drop is going to be a lot worse than we first thought?
However much you think your house is worth now, it seems it may be rather less valuable in a year’s time.
In 2008, house prices suffered their biggest fall on record, outstripping the annual drop seen in 1990, and even that of 1932 during the global depression.