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
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September 10th, 2010 at 5:02 pm
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