The gloomy statistics keep pouring in, it seems, and not day goes by without some kind of grim prediction or new revelation about the economic downturn. This week has been no exception – first, the news that the largest majority of retailers in 16 years raised their prices last month, which is likely to further raise the cost of living in the UK. Retailers have had their prices driven up by a downturn in sales and an increase in fuel, food and raw goods prices – the very same increases that are affecting ordinary consumers are also putting the squeeze on the high street.
The second grim statistic has once again concerned house prices. Nationwide reported this week that prices fell by 2.5% compared to the previous month, the biggest month on month fall since the recession in the early 1990s. Year on year, the average house price fell by 4.4.% to £173,583, the biggest annual drop since 1992. Whatever way you look at it, house prices are tumbling, and they are expected to do so for a…
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