The Dark Ages are upon the UK real estate market.

So a number of pundits say and they have the support of a large amount of data to back them up. They also have the ability to observe what's transpired in the United States, where the circumstances are very similar to what's happening in the UK.

Here are the nasty bits that homeowners and investors may be disappointed to find out:

1. The amount of repossessed homes in 2008 will be astonishing, based on surveyors' forecasts. They say 123 homes a day will fall into this category.

2. The Financial Services Authority warns that up to 5.7 million mortgages written between 2005-07 are in danger of default.

3. According to research by MarketOracle.com, average house prices are falling at a rate of £2000 per month and are trending down hard off their peaks in August, 2007.

4. Halifax, Britain's largest mortgage lender, says house prices plunged 2.1% (or £4,000) in January.

5. The average house price is down to £191,275 from £201,081, the August high.

6. A recent survey by financial services firm KPMG revealed that 7 million people in the UK (22 percent of the population) are struggling to meet their debt obligations.

7. Perhaps most troubling is the fact prices in London are plummeting. In the U.S., New York prices have continued to climb or remain stable, a sign that high-demand areas continue to be strong investment options. If London can't maintain its attractiveness, how can other areas expect to?

There is some good news. Luxury home sales in London are up, meaning global investors aren't yet terrified. Interest rates are low, enticing first-time buyers and investors. Scotland has managed to avert the downward trend, with homes in Edinburgh, Glasgow and other areas steadily growing in value.

Also, year-over-year home prices are still higher. Despite the drop in January recorded by Halifax, home values increased 4.5% from their worth in January, 2007. However, as the months go on and we approach summer that trend could be phased out because homeowners who bought toward the peak of the market will start to see negative valuations on their properties. That could lead to a collapse if there is panic selling.

Although December sales were higher than expected, the reason for the increase could be artificial because of the advent of Home Information Packs. The controversial HIPS cost homeowners £400-650 and can be time consuming to prepare. It appeared sellers who didn't want to do the paperwork or pay the cost dropped their prices to levels attractive to buyers just before HIPS became mandatory.