UK Housing market **Now with rather important graph added**

[Cassius Marcellus]

The mega-rich won't be happy to see the value of their house in Chelsea drop from £7,000,000 to £5,250,000, but they'll struggle through

[Appy Ammer]

I work for a property company and I have to do values on property for stuff that we are interested in buying, and within the last 2 weeks we are now asked to value property at what is would have sold in 2004 - which normally means that a value of a property today is above 10-20% lower then the current AP (asking price) or GP (guide price at auction)…That is were our bosses believe the market is going.

[Cassius Marcellus]

There was a bloke on the telly this morning, on the programme where people buy houses at auction and do them up. He had a big busness until the last crash. He was joking about it 'I lost the Bentley, the big house, the lot, went skint.'

He re-grouped and started again.

He was bidding this morning on a plot of land in Margate (investors moving in as a new London rail link is expected) He was after a plot of four fifths of an acre, an old bus depot, with existing buildings, only one of which he was going to save.

There was planning permission for 21 dwellings. He started it off at £650,000 but another bidder in the auction pushed him to £770,000. He joked afterwards 'If we'd have got together before the auction I'd have got him a new Porsche and saved myself a few quid.'

His architect laid out plans for 29 dwellings, an extra 8, and got permission. When the film crew went back he had built 4 x 3 bedroom houses that were almost finished, but he had run out of money. He borrowed another £250,000 and got back to work.

Seemed a likeable hard working bloke. BBC man asked him 'What's your aim in life now?'

His rely was 'To make my son very rich.'

The programme was obviously recorded, but I didn't see the date on the credits.

The poor bastard may be going skint again now.

[Valiant23]

Aye I saw that too CM.