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Rightmove says that the UK housing market is on its knees


Rightmove the property website reported that house prices fell in September for the fourth month in a row and the UK’s largest lender was forced into a takeover. This all happened as the credit crunch in the UK continues and seems to be getting worse by the day leaving many mortgage payers in a difficult situation.

"The housing market is on its knees and will remain so until financial institutions address the disastrous state of the mortgage funding markets. We are now seeing the lowest level of new sellers for years," said commercial director of Rightmove, Miles Shipside.

In September average house prices in the UK fell by 1% and the number of new listings per estate agent fell to the lowest level that has ever been recorded by the index.

A number of mortgage payers in the UK are struggling to make ends meet as the cost of living increases and rates on mortgages soaring.

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