According to this, we are witnessing a once-in-several-lifetimes event.
Activity levels down over 60% from last housing market crash
Monday 18th August 2008
Wolsey calls for Government action or face the consequences. While the Government continues to flounder on the sidelines, activity in the housing market has sunk to an unprecedented low level. Wolsey Securities is calling on the Government to take urgent action, as activity falls to a low level that even surpasses the slump during the last housing market crash.
With the Bank of England figures showing that only 36,000* mortgage approvals were made in June, the number of housing transactions is currently set to total just over 400,000 this year. This low level represents over a 60% drop in activity on the worst year of the 1990s housing market crash, when transactions ran at around one million.
Mike Ratcliffe, chief executive of Wolsey Securities, comments: "Transaction levels have now dropped to dangerously low levels that have not been seen in several lifetimes. The housing industry cannot sustain this level of trade. Housebuilders are on their knees. If there isn't an improvement soon many will fold, as their cashflows will not be able to meet overheads and interest costs.
UPDATED - by DrBubb:
The A-B-C down in UK Property prices, still needs a C down, before it bottoms
Back in 2008, this chart was posted on GEI:
So what happened ?:
Since 2009: (up to June 2012: £164,489)
Latest: Oct. 2012 : £161,986