UK House Price Fall At A Record
UK house prices showed their biggest annual fall since the Nationwide began its housing survey in 1991, according to the latest figures.The 8.1% annual decline came after house prices dropped by 1.7% in July, the building society said.
The average home now costs £169,316 which is nearly £15,000 cheaper than in the same month last year.
The Nationwide survey found that house prices have fallen for nine months in a row and were at their lowest level since August 2006.
Property prices were still £11,000 higher than three years ago, the survey found.
"The weakening economy and poor housing market sentiment do not suggest that the market will recover quickly," said Fionnuala Earley, Nationwide 's chief economist.
Sellers were remaining reluctant to accept lower offers, which along with lack of availability of mortgages was pushing down house purchase activity. Experts expect the decline in the housing market to continue for some time.
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