Property prices are falling - £60,000 for a Beach Hut!

[Fred]

A sign that property prices are falling - a beach hut in Southwold Suffolk, has just sold for a knockdown £60,000.
They have commanded prices around £100,000 in the past.

[Philofacts]

With a Greek default on the cards banks soon wont have the money they are currently reluctant to lend.
The shortage of home loans will get worse and with no one lending no one can buy, so only cash buyers will be around and will only be interested in the best deals they can get.  Interest  rates can only go one way too!

House prices will now fall between 15 and 20% over the next 12 months at least in my opinion.