February 29, 2012 Leave a comment
The UK property market has taken a hit as it comes to light that due to high inflation, houses prices have had their value wiped. It has been estimated by the Royal Institution of Chartered Surveyors (RICS) that since 2007, a third has been taken off the real value of UK homes. However, when we take away inflation, the biggest falls can then be seen in Spain and Ireland, while in contrast France, Iceland and Norway came out on top.
According to RICS, the UK property market suffered a 5.7% decrease in house prices. This may not seem a lot in comparison to one country that came out on top, Iceland, which reported a 33% fall from 2006 to 2010. However, according to the Halifax monthly index, UK prices have plummeted by 19% from August 2007 to November 2011. The average house price now stands at £160,907 compared to £199,612 in November 2011. Read more of this post