Thursday 12 March 2009

UK Prolonged Recession and Possible Bankruptcy

Ok, it all sounds monumentally pessimistic, but you have to admit, anything is possible in the current unprecedented economic environment.

A recent report from Numis Securities predicts that house prices in the UK could slump by a further 55%. It also predicts a deep recession lasting throughout next year (2010) and a 'very real probability' that Britain will go bankrupt, reports the This is Money website.

UK prices have at this stage fallen 21% from their peak. The Numis report says they are likely to slump by a further 55% if the over-correction in prices is as bad as that experienced in the early 1990's.

The article estimates that this would leave six million Britons in negative equity - when their house is worth less than their mortgage.

There is a very interesting article on the site about the potential for realising value in the UK market at this point in time.

It's well worth a view if you've any interest in UK property or purchasing value in the market. If you couldn't be bothered reading it but would still like to be sent some listings of repossessed, below market value (BMV) or simply very good value product in the UK, just fill in this form and we'll get our partners to send you on some information.

Register now to receive our informative newsletter, save searches and tailor your experience to your own needs.


For a selection of property in the UK click here.

For a list of agents selling property in the UK click here.

For independent articles on overseas property click here.

For advice on purchasing in the UK click here.

For news on the UK property market click here.

For new releases and product updates from UK agents click here.

For a selection of property exhibitions featuring UK property click here.

No comments: