Thousands of Britons will see the value of their homes plummet as a result of the looming housing crisis. According to a Bloomberg report, the average British household is struggling to keep up with mortgage rates approaching 8%, and many have already lost their homes to mortgage defaults.
On top of that, with buyers priced out and more sellers undercutting their prices to sell properties before the end of 2023, many major cities are already seeing double-digit quarterly falls, such as London, where house prices fell by as much as 15% in the third quarter, as well as Birmingham, and Manchester, which reported a respective 12% and 11% fall over the same period.
#HousingCrisis #housingcollapse #ukhouseprices
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