December 23, 2008

£591 billion mark down on property

It is a terrifying thought but property experts have come up with the figure that shows how much property prices have fallen by throughout the UK during the past year.

The average price drop per property is £22,083, this makes the total loss in values stands at £591 Billion, but the figure although looking high is estimated to be around ten per cent of the total value of property in the UK.

However ten per cent is a serious enough problem for those property owners who have seen their property drop in value, while their mortgages have remained stable, this means that there are now over two million households who owe more on their mortgages than the property is worth. Which is something else for them to worry to about.

Source [Telegraph]