U.K. largest drop in house prices on record

U.K.land Registry house recorded prices dropped by a record 15.1 per cent in January 2009 compared with a year ago. It is the largest drop since the Land Registry began its records in January 1995. The average property now costs £156,753, having dropped 0.8 per cent during last month. House prices in London and Wales have been particularly badly hit, dropping 14.1 per cent and 19.7 per cent respectively. During the year to November 2008 the drop-off in housing sales fell by 67 per cent from 33,404 from 100,730 in England and Wales. n London, only 3,504 house sales were completed in November 2008 compared with 12,719 in November 2007, representing a fall of 72 per cent. The actual drop in house prices could be worse and due to the lack of affordable mortgages and rising unemployment amid the credit crisis sales would remain low as to economists point of view. VIA

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