UK Housing Bubble Bursts: Sales Of Luxury Homes Crash By 80% As ‘Waves Of Wealthy People Are Leaving’

‘As the FT reports, “sales of homes worth more than £2m have dropped by 80 per cent in the past year, according to Douglas & Gordon.”

First the bubble in China popped, and a year later, the UK has followed:

Ed Mead, a director of Douglas & Gordon estate agents, said his company had carried out 37 valuations in the past month for owners of high-end homes who were thinking of selling up, when the normal level is about six.

“It is like the 1970s again, when waves of wealthy people left Britain and it was a disaster,” Mr Mead said.’

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