Tuesday, June 10, 2008
“Britain’s first large-scale outbreak of negative equity since the great property crash of the early Nineties”
"The negative equity warning comes from the Council of Mortgage Lenders, which says 23,200 homeowners across Britain bought flats or houses with no deposits in the year to the end of March. Of these, about 3,000 would have been in London. Most of these properties are likely to have fallen in value since the purchases were completed."