New low for house price falls
The latest Nationwide property index has revealed that house prices are now falling at the fastest rate on record.
According to the building society, average falls across the country totalled 1.7 per cent in July - double the rate seen in June and the fastest decline since at least 1991.
As a result of the ongoing downturn, the average property price in the UK is now £169,316 , down £3,099 on the previous month and the lowest level recorded since August 2006.
And yet in spite of the accelerated falls, analysts say there is little good news for first-time buyers seeking property for sale in London as mortgage products remain in short supply.
"The Nationwide data indicate that there is ongoing major downward pressure on house prices from extremely weak market activity, stretched buyer affordability and tight lending conditions," explained Howard Archer of analysts Global Insight.
He concluded: "It seems odds-on that house prices will continue to head rapidly south."
Published 31st July, 2008
© 2008 Estates IT Limited
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The latest Nationwide property index has revealed that house prices are now falling at the fastest rate on record.