Number of unsold properties went to a new record since 2002 according to Rightmove Plc.
The average asking price for a home fell an annual 2 percent to 235,219 pounds ($469,544), Britain’s most-used property Web site said in a statement today. On the month, prices declined 1.8 percent, the biggest drop since December. Prices increased in London by 0.3 percent from June.
House prices will fall about 10 percent this year and 6 percent in 2009, the Ernst & Young Item Club, a forecasting group which uses the same model as the Treasury, said today. Britons, laden with a record 1.4 trillion pounds of debt, are struggling to afford homes as banks curb lending and credit costs increase.

It is suggested by sector professionals that banks need to be extra careful they don’t get blamed for a doomed crash.
The stock of unsold property per real estate agent rose for a sixth month to 77, the highest ever measured by Rightmove, from 74 in June. Prices for properties in the West Midlands fell the most on the month, declining 3.7 percent. London was the only region to show an increase in prices.
Consumer confidence is low in the face of redundancies, a pessimistic business community and ever rising energy costs.
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