I had a lot of requests for this chart. People wanted to see how UK house prices fared when denominated in euros. It is an interesting question. It is not only house prices that have fallen in recent months; sterling has also crashed against the euro.
Any European speculator daft enough to buy a UK house in the last three years would have lost money in euro terms. Since last year's peak, average house prices are down 23 percent. Prices are also down 3 percent compared to January 2005.