You've heard the stories of those US ghost-towns, hardest hit by the sub-prime crisis. But what about London? Welcome to Hill House, Thamesmead, a riverside new-build apartment block where all but two of its 84 flats have been repossessed, and where - according to reports - the crackheads and vandals are moving in. Just two years ago, these were sell-out prospects. Now, they're bargain bucket. Take Flat 54. According to Land Registry data, it achieved £274,995. Now, it's about to be picked up for £88,000.

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