Wednesday, November 19, 2008
only fools rush in
A property search website, Globrix, said price cuts on homes last week averaged £16,871 across the UK. The UK property market is in the middle of the worst slump in living memory because of the credit crunch and a subsequent mortgage drought. Average prices, according to the biggest lenders, have fallen by about 15% in the past year and sales have fallen by more than half.