UK Housing is now Falling as well

The credit market turmoil is not affecting London. But London will be caught up in this slowdown.

UK house prices have seen their biggest monthly fall in five years as turmoil in the world's financial system unnerved both buyers and sellers, according to property website Rightmove.

Average UK asking prices dropped 2.6pc in September to £235,176. Estate agents have seen just 121,000 properties come onto their books this month - the lowest figure for September since 2004.

Property in the South West suffered the most, with average asking prices dropping as much as 4.1pc. The South East and East Anglia also saw above average slumps in asking prices of -3.3pc and -3pc respectively.
Transactions will slow, rather then actual prices falling. Seems like the analysts are somewhat bullish.

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