London Falling! Housing Market Slumps to '70s Levels

The London housing market has gone ka-blooie. Real estate brokers in the British capital report the slowest pace of business in 30 years, according to this morning's Wall Street Journal.

London's real-estate agents sold an average of 8.3 properties apiece in the three months ended in September, according to the Royal Institution of Chartered Surveyors. That is the lowest tally for any region of the country since the survey started in 1978. In Britain as a whole, agents sold an average of 11.5 properties during the three-month period, down more than 50% from a year earlier.

My colleague Oliver Haydock has a column in The Observer's latest print edition about what would happen to the Manhattan housing market if all those previously flush Europeans split. Bad times, folks. Bad times.

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