The housing crisis for UK started nearly two years back and it is not showing any sign of reversal, if you go by the latest June 2009 number. The housing prices in UK for the month of June 2009 have come down by 9.3% compared to the prices a year ago, which is continuing to worry the analysts.
The housing crisis is not expected to improve for the next several months, only because the unemployment rate continues to climb up with every passing month, and there are more seized homes that are under distress sale offer from the mortgage companies and banks. And there are not enough takers even for these homes, and hence it would not be fair to expect any housing recovery in UK at least till 2009 end.