Houses Prices Fell in December
U.K. house prices fell for a second month in December, indicating that higher credit costs are bringing the property market boom to an end, the Nationwide Building Society said.House prices dropped 0.5% from November to £182,080. Last month's 0.8% drop was the biggest since June 1995.
"Demand is responding to the pressures of weak affordability, past increases in interest rates and lower house price expectations,'' Fionnuala Earley, chief economist at Nationwide, said in a report. "Lower interest rates are more likely to stabilize market activity rather than reignite it.''
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