House Prices Record Largest Monthly Fall since 1991
Nationwide reports today that house prices have suffered their largest monthly fall since 1991.Prices fell by 2.5% in May, with prices now 4.4% lower than one year ago, a drop of £8,000 on the average house. The average UK house price is now £173,583.
The Nationwide's report said that house price falls are now accelerating and had fallen for 7 months in a row, with this being the longest period of house price falls since 1992.
Howard Archer at Global Insight is now forecasting that house prices will experience a double-digit fall in 2008 and 2009.
0 Comments:
Post a Comment
Links to this post:
Create a Link