The global financial crisis in 2008 saw financial markets lose up to 30% of their value over a short time period. This period also ranks amongst the worst in the global real estate market, with the UK housing market crashing almost 20%. It was the largest annual drop on record.
There were some variations in the different regions and parts of the UK. While Northern Ireland recorded a 34% drop in prices, the Scottish market dropped by just 8%. In England the largest fall was in East Anglia, where prices were down by 16.6%, followed by London and the south-east where prices dropped by more than 15%. The smallest drop was in the north of the country, where prices were down 11% year-on-year.