» Property prices fall at Great Depression rate

Prices falling faster than before

Article Published: 5th September 2008

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Halifax have reported that the UK property market is seeing the fastest fall in prices since the lender began keeping records in 1983. The total value of the average loss on home is now 12.7 per cent since last August, the average cost of a home in the UK is now £174,178. The fall equates to roughly £25,000 per property. This takes the price of properties back to the point they were at in early 2006.

The figures mean that many people will find themselves in negative equity if they have purchased a property in the past 2 years. The number of people finding themselves in negative equity has escalated to 200,000 which is three times as many as in July.

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