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Housing market going to hell in a handcart

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The UK property market remains in freefall, with figures from Righmove.com showing the average price of a home in England and Wales has fallen by a shade under 5% over the past twelve months (although Halifax and Nationwide put that figure at 12%). According to the Council of Mortgage Lenders, UK mortgage lending has dropped a massive 42% over the previous year, which explians why prices are dropping – people simply can’t borrow enough money to keep prices at their current over-inflated level.

The fact that the market is clearly screwed for the forseeable hasn’t quite penetrated the skulls of many homeowners, as this story from the Times reports, asking prices in some areas are actually rising, even while average selling prices are continuing to fall. Dream on…

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