House prices 'fall 10.5% in year'

Saturday, August 30, 2008

UK house prices have seen an annual double-digit fall for the first time since 1990, according to the latest survey from the Nationwide.

Prices were 10.5% lower in August than they were a year ago. Prices fell by 1.9% compared with July.

The average home now costs £164,654, which is more than £19,000 cheaper than the average price one year ago.

Gloomy forecasts from house builders mean the market is likely to remain subdued, Nationwide says.

The Nationwide survey found that house prices have fallen for 10 months in a row and are at their lowest level since early 2006..

Source

news.bbc.co.uk