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house is down about £15k
You're not from around here, are you?
He is from the UK I believe. The house around here where I am have lost almost half their value. My niece just bought a really nice 3 bedroom, dining room, living room, family room, two car garage house for 72k. Has two baths as well and good size yard...... foreclosure.
That house a few years ago would have been 170k
I had a house in Naples FL about 5 years ago which I sold for 285k and it went up to almost 300k is now in foreclosure for 85k last I seen on Zillow.
The crisis is not only on real estate business but it is almost on all the business all over the world. But I think the real estate business will soon recover and again becomes a good business.