House prices fell at the fastest rate on record in July, £15.000 has been knocked off UK values; mortgage offers tumbled 64%; and Sir James Crosby, parachuted in by the Treasury to kick-start the property market, warned that things will only get worse.
The pain will not be contained to property owners. The Home Builders Federation has warned of the dire consequences for the jobs of 300,000 employed in the building industry, while Homes for Scotland, reveled that 15,000 jobs had already gone, and its Chief Executive Jonathan Fair said: "We are now facing job losses within home building that are already more than ten times the level seen at Ravenscraig in 1992, with the impact being felt the length and breadth of the country."
The writing is also on the wall for thousands employed as mortgage brokers, estate agents, surveying and solicitors officers. Not wishing to be the bearer of bad news, but Planning departments well also be hit.
Financial institutions are already under pressure. Lloyd's TSB and HBOS announced a fall in profits for the first six months dropped from £290m to £2m...............Poor things!