Pub prices are plunging as a two tier market emerges.

Industry sources say that about four pubs are closing every day. It sounds bad, but it could easily get worse. According to Mark Brumby, at Blue Oar Securities: 'There will be fewer pub sales in the run-up to Christmas and a large number in January. Prices look to be slipping fairly rapidly.'

Moreover, Brumby said that there was a two-tier market, in which better-quality pubs were holding up well despite economic pressures, supported by a number of factors, not the least of which was location. The better the area, it appears, the more chance a pub has of avoiding the economic squeeze.

The Times