House prices have fallen for four consecutive months, the longest sustained drop since 2008, and every major bank and building society predicts that house prices will fall this year.
On Ryecotes Mead, a cul-de-sac in a south London suburb, there is a three-bedroom flat available as a leasehold that encapsulates the current condition of the British housing market.
Trudi, the estate agent, opens the door with a tight smile. The property is all on one floor: two modest doubles, one with en suite; a small single room; shower room; lounge; and a small kitchen. Plus a garage, in which an old chair awaits disposal (“You could rent it out to someone with an expensive car,” says Trudi, extending her arms into the space).
