Personally, I do not think anyone could have predicted the now “global recession”. The previous hype of the property market is miniscule on the grander scale of things. We all knew that house values were ridiculously high compared to average income. It didn’t stop people buying and selling. The merry-go-round has come to an abrupt halt.
We have seen a rise/fall, rise /fall in our house over the last 21 years. We’re hoping it will rise again! 😕
Still, house prices are very high where we live. My daughter and her husband are looking to buy a four bed/2 bath house…nothing grand. Having gone around EVERY estate agent in two large towns, they have been told, “We have properties up to £350,000/£400,000. (Too small) Then they go from £700,000 up for the average family house!
House prices have not dropped much here!