House Prices Down 10.5%
According to the latest figures from Nationwide, UK house prices have fallen by 10.5% over the past year, the first time this has been a double-digit fall since 1990.Prices were 1.9% lower than in July, with the average house now costing £164,654, down £19,000 on last August. According to Nationwide, house prices have now fallen for 10 months in a row.
The forecast from Nationwide is for prices to keep falling,w ith an increased supply of houses on the market, and a shortage of buyers because of the market uncertainty and shortage of mortage funds.
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