The value of the average home is plummeting by £1,000 a month, according to the latest Asking Price Index Report from Home.co.uk for June 2008.  Furthermore, The Royal Institute of Chartered Surveyors (RICS) has reported that 9 out of 10 estate agents have recorded house price falls.

It is now clear that the fallout of the credit crunch is spreading from housing to the rest of the economy. The Property Step has found an increasing number of sellers are unable to move onto the next step as no-one will buy their home.

What can you do if your unable to sit on your property paying rising mortgage payments whilst no-one has breached your front door for months to view your property. Your options of a successful sale reduce each month, as its a known fact the longer a property is on an estate agents books, the less motivated they are in marketing and selling. Increasing numbers of sellers are finding it more difficult to find a serious buyer, ready to complete on a property purchase! In an article at the beginning of the year by the timesonline they highlight the property slump maybe the worst since the 1990s. Extract begins Gráinne Gilmore and Gary Duncan @ ...

Yet more doom and gloom for those worrying about how they will keep up those ever-increasing mortgage payments. Over at The Guardian HQ they reported a story earlier this month worth reviewing: