As the credit crunch hits the UK, markets are beginning to feel the pressure as house prices are beginning to fall similar to the US. They might have been faring well in the past few months but they are now starting to feel the after effects of the global financial crunch. More and more people are beginning to wise up as they begin to fell the tightening of the house market as prices start to fall lower than expected. This would surely slow consumer spending in the UK which would be sign of harder times which they have managed to shrug off with better legislative measures that were put in place as they anticipated the effects of the US sub-prime lending market crisis. This is sign that even with proper and effective management, the financial standing of a country and its people are always to follow global trends as in the case of today’s ever lower house market prices.

Not according to analysts who see a continuation of last years housing market woes. The problems the crisis in the sub-prime lending market have echoed down the line causing more and more people forfeiting their mortgages loosing hard earned money in the process. Predictions are not all gloomy but the trends do show a more likely probability for the country going into recession. The Housing market is already in recession with more new houses for sale than a year ago and people are not buying even with low prices expecting them to slide lower. There are a lot of metropolitan real estates, high end property with the exception of Manhattan which has defied the slump with higher housing sales and values.