According to a recent article by SkyNews, some houses in the UK have almost halved in value as markets plummet because of the global financial crises. For instance, a flat in Folkestone, Kent, sold for £125,000on January 28 this year. This amount has now been reduced to a staggering £75,000.
The Royal Institute of Chartered Surveyors (RICS) sold an average of just 11.5 homes three months ago until the end of September. This is the lowest on record since 1978.
A London Agent commented on the situation,
We’re 20% down. There are some very very keen sellers out there.
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