This is good time to buy UK property. please please below comments about uk property market todays news papaer.

U.K. Housing Slump Becomes Worst Since at Least 1978

The U.K. property market slump deteriorated in March to the worst since records began in 1978 as mortgage lending dried up, a survey of real-estate professionals showed.

The number of residential property agents and surveyors saying prices fell exceeded those reporting gains by 78.5 percentage points in March, compared with 65.7 in February, the Royal Institution of Chartered Surveyors said. A separate report showed the first retail sales drop in two years.

Falling house prices threaten to exacerbate the slowdown in the economy, which may grow 1.6 percent this year, the least since 1992, the International Monetary Fund predicts. The Bank of England cut the benchmark interest rate for the third time since December this month after banks raised borrowing costs and curbed mortgage lending.

``The situation we have is serious and it will get worse,'' David Stubbs, an economist at RICS, said in an interview on Bloomberg Television. ``It will take more interest-rate cuts and a restoration of confidence before we see a return to health.''

The pound dropped to 80.35 pence against the euro today. The U.K. currency fell 0.4 percent against the dollar as of 7:46 a.m. in London to $1.9695.

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Property London | Property Barbican

lol just one problem we are in a slump because the price of property has rocketed in the last 5 years or so and the UK housing market is very overpriced. Plus banks aren't lending after the northern rock problem. House prices are falling due to desperation but they certainly haven't fallen enough yet to believe that it is a good time to buy in the UK now.