The popularity of a website called Propertysnake.co.uk is testament to two British foibles: schadenfreude and an obsession with house prices. The site charts property on the UK market where the vendors, in desperation to sell, have slashed their asking price.

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The site is rapidly gaining attention as a decade-long surge in property values appears to be in serious trouble in parts of Britain. In Birmingham, for example, a one-bed flat was for sale at £158,950 ($324,460, €228,180) last month but is now £99,950, according to Propertysnake.