Posted by Gareth Icke - memes and headline comments by David Icke Posted on 18 August 2022

Why the housing market is about to crash

The Office for National Statistics have recorded one of the biggest monthly drops in house price growth since records began between May and June. Annual growth slowed by an enormous 5 percent in the space of a month – from 12.8 percent to 7.8 percent. The ONS added the value of the average UK house increased by £3,000 in June, taking the average price to £286,000.

This means house prices have gone up by £20,000 in the space of a year. This comes as the UK’s rate of inflation jumped to 10.1 percent in July – the first time it has recorded a double-digit annual increase in more than four decades.

During the financial crisis, house prices fell by a total of 26.4 percent – from a high of 10.8 percent in June 2007, to a low of a -15.6 percent in February 2009. But the largest drop in annual house price growth in a month during this time period was 2.5 percent – half of that recorded for May to June this year.

The slowdown may have been partially exaggerated by the way the annual growth rate is calculated.

Read more: Why the housing market is about to crash

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