Friday, June 6, 2008
Using the “C” word
Britain is heading for a housing recession deeper and more painful than even the most pessimistic of observers thought possible, with price falls rivalling those seen in the slump of the early 1990s. The Halifax House Price Index, published yesterday, showed that house prices fell by 2.4 per cent in May alone, by 6.3 per cent in the past three months, and by 10% in real terms since their peak last year. The average value of a British home is now £5,000 down on the month before.