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What could you do with £23,000?

It has been revealed that the average home across the UK has lost £23,000 in value over the last 12 months. However, with many observers forecasting harder times ahead for the property market it seems as though this figure may grow substantially unless we see a major turnaround in the economy.

Many people will be shocked to learn the true extent of the UK fall off because figures of one percent here and two percent there do not often immediately translate into cold hard cash. As a consequence of the fall in property prices the average UK worker has probably lost one years salary and there may be more to follow!

It is also worth remembering that while the average home has fallen in value by £23,000 we have also seen a massive increase in the cost of living over the last 12 months. It is only when you actually sit down and consider the monetary consequences of the fall in economic activity that it really starts to hit home. If you also multiply the number of homes in the UK by £23,000 you will see what value has seeped away from the property sector over the last few months - and then it really does start to get scary.

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