Industry NewsMarkets & Economy

Brits get thumped like U.S.

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Editor's note: This is the first part of an occasional series. Inman News Publisher Brad Inman is chronicling his real estate observations in Europe as he meets up with real estate industry officials abroad. His travels will take him to Amsterdam, Berlin and Paris, among other destinations. See Part 2, "Online listings battle sweeps U.K."; and Part 3, "Dutch toughen up for downturn." LONDON -- The European housing markets are turning as bitter as vinegar on chips as property sales and prices come tumbling down. Property values fell to their lowest level in 30 years in September, according to the Royal Institution of Chartered Surveyors.Prices have fallen 15 percent in the last year with some local experts predicting a 50 percent 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 fal...