By that time most people know that the big reason behind the financial crisis these days, is the way the real estate sector moved. Prices skyrocketed and people had to pay more and more to own one. If last year many houses were worth £250,000 in the UK, they’re now being auctioned off for some £100,000 because banks are desperately trying to minimize their loses after clients failed to pay for their mortgages and have been kicked out.
Just a few examples to make sure you got the point, a three-bedroom flat in a council block in Brixton was sold for £79,000, a two-bedroom flat with two bathrooms and two balconies in a gated development with communal gardens in Abbey Wood sold for £96,000 while a one-bedroom flat in a stylish block of flats in Lordship Lane, sold for some £100,000.
Call these bargains or not, the housing market is still feeling the crunch. At the moment, auctions are the only marketplace that working these days to buy/sell properties. – via DailyMail