Based on the predictions by economics of a recession this knock on effect of demand and supply will cut jobs and leave people feeling even more miserable.

The operator of the U.K.’s biggest residential property Web Site stated, the average price advertised by sellers fell 2.3 percent on the month to 217,808 pounds.

In addition asking prices have dropped more than 10 percent from the peak in May and will fall by the same amount next year.

A commercial director at Rightmove, Miles Shipside observed that "the market will be affected by the unemployment that’s coming. While it’s sad, we do need to reach the bottom, and that will probably happen in 2009.”

The current economic climate is being exacerbated by not only the great amount of loans the average house owner has but in addition the fact that U.K. business will cut 275,000 workers in the next two years due to the lack of demand.