Tuesday, October 14, 2008
worse to come
Some houses in the UK have nearly halved in value as markets plummet in the storm of the global financial crisis, a Sky News Online investigation reveals. 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.