In November consumers are already seeing a reduction in home values. With the recent credit crunch it seems that most consumers are having difficulty obtaining mortgages and handling the new costs. This means that the housing prices are falling to accommodate the sudden crunch in the hopes of saving the sellers from financial difficulties as well. Most of the UK has seen these falling prices, except in London. It seems that most homes have dropped their asking price by .7 percent. This is a change from a 7.9 percent rise earlier in the year.
It has been predicted that prices will remain at this .7 percent loss for the coming year; however this is still a problem for those who are trying to sell their homes. London was surveyed by Rightmove to see about the gains and losses. It was shown that a 2.3 percent increase from the earlier months. This still doesn’t outweigh the decrease of the rest of the UK. London bankers have seen bonus cuts as well as job losses to cover for some of the losses they have seen. These conditions are expected to continue and pressure for a slower economic growth in the property market and in general.