Many houses in the United Kingdom have nearly halved in value as markets dive, amid the global credit crunch.

A flat in Folkestone, Kent, was valued at £125,000 in January, but has now been reduced to £75,000. Calculating at a 40% drop in value.

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According to sources, the estate agent said “We felt that because of the lack of interest and the market conditions, £75,000 would be a realistic price,”.

“It’s a nice little flat in a good area.” The estate agent added.

It doesn’t stop there though, prices are dropping throughout the UK.

A two bedroom house near Worthing in West Sussex, was first listed at £319,950 a year ago - but is now down by 53% to £149,995.

This news comes as new figures claim estate agents are selling only one house a week.

It would seem that now is the time to take advantage of buying a property at a very low price, but unfortunately the banks are very strict on giving out mortgages during this difficult economic time.

Related Topics:

Financial Crisis, Credit Crunch, Morgage, Property Mortgage, House Value, Real Estate, Property, Economic Crisis, House Pricing, Property Market Value