Friday, November 7, 2008
The average home lost £4,000 in value in the past month – £923 a week. Prices are falling far faster than in the early 1990s, when the crash was relatively steady, spread over nearly three years. Economists say house prices have not fallen as sharply as the current 15 per cent a year since at least 1931. Some 45,000 homes are expected to be repossessed this year, but this number is expected to rise, forcing prices still lower and pushing thousands into negative equity.