The UK economy was hopeful of a recovery in the housing prices in June 2009, but it got a shocker in the form of a 8% decline in home prices year on year. The decline has been primarily attributed to the rising unemployment across all sectors, and also due to the increased availability of repossessed homes by mortgage lenders and banks, who have seized the homes from defaulters.
As per revised estimates, the UK housing recover is at least four to five months away.
UK housing woes continue