UK House Price Decline Accelerating
May 29th, 2008Via: BBC:
UK house prices have recorded their largest monthly fall since 1991, says the Nationwide building society.
Prices have fallen by 2.5% during May, according to its latest monthly survey.
The lender said prices were now 4.4% lower than a year ago, a drop of £8,000, which has taken the average UK house price down to £173,583.
The Nationwide, the UK’s second-largest lender, said price falls were now accelerating and had continued for seven months in a row.
“The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market,” said Fionnuala Earley, the Nationwide’s chief economist.
“At seven months, this is also the longest consecutive period of monthly falls since 1992,” she added.
