Sunday, October 26, 2008
How property prices have plummeted in cash crash
A SEASIDE flat which a year ago fetched £133,950 has now sold for a PITIFUL £15,500 as house prices across Britain nosedive, the News of the World can reveal. The staggering 88 PER CENT price drop is the starkest indication yet that the credit crunch has sent now the housing market into freefall. Our investigations turned up scores of properties—most of them repossessed by banks and building societies— that are now worth a fraction of their previous value. A riverside apartment in BIRMINGHAM which fetched £157,000 a year ago, sold for just £68,000 at a London property auction—a price drop of 57 per cent. A smart, open-plan flat in PRESTON failed to sell, despite a reserve of just £80,000—less than half its £199,995 sale price two years ago.