Monday, Oct 20, 2008
Exclusive Sky News 'Investigation'
Sky News: British House Prices Down By 40%
One flat in Folkestone, Kent, went on the market on January 28 this year at £125,000, and has now been reduced to £75,000.
The one-bedroom, lower ground floor property lies in an upmarket area of the coastal town, and is in need of refurbishment.
When Sky News Online posed as cash buyers, the estate agent Fell Reynolds confirmed the flat had been slashed from £125,000 to £99,950 and then to £75,000 because of the housing slump.
One two bedroom house near Worthing, West Sussex, was first advertised last October at £319,950 - but is now down a staggering 53% to £149,995.
A similar home in Cardiff, Wales, has been slashed by 45% from £184,950 to £100,000 in less than a year.
The situation is even worse in London, where estate agents have made an average of just eight sales in 3 months
5 Comments
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1. doom&gloom said...
Yes, well done Sky 'News'. You've logged onto Propertysnake.co.uk and written a 'story' about the properties on the homepage.
2. symo said...
So RB's prediction of 60% is looking likely as spend, spend, spend Darling ruins the economy for good.
3. timmy t said...
Think this needs to be taken with a pinch of salt. If you put a P-reg fiesta in Auto-trader for 4000 quid and it doesn't sell til you have reduced the price to 1000 quid, that doesn't mean its value has dropped 75% - It means you were a prat. The only thing this article confirms is that there are a lot of prats in this country.
4. Loneranger said...
These falls will be common place around the country by early next year, it will make the early nineties seem like a tea party!
5. plato said...
Same % reduction again required off these knockdown prices and we will reach a level of sanity and believe it or not :- Affordability!
Good that Sky are being realistic- someone up there needs to be.