“On August 9 2007, citing ‘a complete evaporation of liquidity’, BNP Paribas froze two funds. A month later, £1bn was withdrawn from Northern Rock in a day. The global financial crisis, an event that has fundamentally altered the shape of the UK housing market, had begun.
“The effects of the crisis were dramatic and swift. The average UK house price dropped 20% in the space of 16 months and transactions, which had averaged 1.65 million over the previous 10 years, crashed to 730,000 in the 12 months to the end of June 2009.”
In such dramatic form, Savills introduces its latest research offering: The Global Financial Crisis – 10 years on, which notes that while many segments of the market have recovered peak values, the reverberations of the GFC continue to affect existing and aspiring home owners across the UK.