Wednesday, June 22, 2011
The majority of homes bought in Britain are worth less now than they were five years ago, new research suggests. Some 3.5 million properties, or 80pc, bought since 2006 are said to be "underwater", or worth less than their purchase price, according to a study by Zoopla.co.uk. But many owners are unwilling to lose money on their original purchases and are setting unrealistic asking prices, the property website said, resulting in them being "stuck" with their homes. People who bought at the peak of the market between 2007 and 2008 are the worst affected, with 93.2pc and 88.9pc respectively of homes bought during this period worth less now. However, London has proved more resilient, with fewer than half (46pc) of homes in the capital worth less now than in 2006.