Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › Property crash continues – UK mortgage approvals lowest ever › Re: UK’s falling market
We fortunately sold our house in Mid-Devon last May, one from ten properties, now there are 5 for sale including the one we sold. Two have been on the market since last June and have been constantly reduced until they are now offered 20% lower than originally but still no interest.
Whilst this may only be regional, it is indicative of several areas in the UK and looks like spreading, some economists say the UK could suffer 40% falls over the next 3 years. The Nationwide’s housing index showed a 2.5% fall last month alone, if that continued then it equates to 30% in one year alone.
It doesn’t bode well for the Spanish property market and other Eurozone markets, as Brits. often remortgage their UK homes to buy abroad.
It’s a reality check to show that property does not always go up, too many Buy to Let investors have created a somewhat false market methinks! 😥