London market falling down

In the misery-loves-company department, Inman News publisher Brad Inman reports on the housing situation from Europe as he meets with real estate industry types there. First stop, London:

“Property values fell to their lowest level in 30 years in September, according to the Royal Institution of Chartered Surveyors. According to another report, home sales fell to 17,000 in June 2008 from 105,000 in June of 2007, and that was before the financial collapse of late summer and fall.

“Prices have fallen 15% in the last year, with some local experts predicting a 50% drop before the bottom is reached. As many as 60,000 homeowners are dipping into ‘negative equity’ per month. The U.S. market began to fall in late 2005. The U.K. market stayed strong until last year, but now it is falling fast.”

Funny how that 15% doesn’t look so bad compared with the Southland’s median price slide of 33% since last September, according to MDA DataQuick.

-- Lauren Beale