UK house prices dropped by 2.4% in May, according to a report by the Halifax, Britain's biggest mortgage lender.
Its looks property prices keep going down and down
Its looks property prices keep going down and down
It depends on whose viewpoint you a looking at it from, if you are looking at it from the viewpoint of those who are beginning to fall into negative equity, its gloomOf course, there are A LOT of factors to consider...but it's not all doom and gloom!
Negative equity is something that will always take place when people buy at the top of the "up" cycle...but the effects, in the LONG TERM, are purely psychological.
The silver lining IMO is that the bubble has finally burst and property values can once again return to more realistic levels. Let's face it, no one should ever have needed, wanted or been able to borrow 5 or 6 times their income.