Annual house price falls 'accelerating'
Annual house price falls increased dramatically in June, new data has indicated.
According to figures released today (July 1st) from the Nationwide Building Society, property prices in the UK are now 6.3 per cent lower than the same time last year.
In addition, house prices are now more than seven per cent lower than they were in October 2007.
Fionnuala Earley, chief economist for Nationwide, noted that the average price of a house is now less than £172,500.
She said: "Prices in June are now 6.3 lower than this time last year and have fallen 7.3 per cent from their peak last October. The price of a typical house is now £172,415. This is over £13,500 less than it would have cost at the top of the market and over £11,500 less than this time last year."
Nationwide asserted that a combination of a lack of cheap credit and demands from lenders for larger deposits is continuing to drive house prices down. As such, fewer people are able to afford to buy a property and are choosing to rent all over the country including the capital instead.
In related news, the Bank of England recently revealed that mortgage approvals experienced an annual drop of 63.8 per cent last in May, falling from 116,000 in the same month last year to 42,000.
Published 1st July, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
Putney community hall gets £150k refurb
Newlands Hall in Putney Vale, Wandsworth, has reopened after undergoing significant refurbishments.
Read Article ... Published on 18th May, 2012
Harrow cycling and walking routes improved
Extensive improvements have been be made to the cycling and walking routes in Harrow.
Read Article ... Published on 17th May, 2012
Norwood Park gets outdoors gym installed
An outdoor gym has been installed in Norwood Park in an effort to encourage more people to take up exercise.
Read Article ... Published on 16th May, 2012
Annual house price falls increased dramatically in June, new data has indicated.