Thread: UK House Prices still falling
UK House Prices still falling
House prices have fallen for the fourth time in five months, says the Nationwide building society.
The fall of 0.7% in July means prices are now 2.6% lower than they were a year ago, at an average of £164,389.
On Monday, figures indicated that the property market is heading for a new downturn, with new mortgage approvals at their lowest since 2010.
The Nationwide said the decline in house prices was due to the current recession.
"The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy," said the society's chief economist, Robert Gardner.
08-02-2012 08:26 AM #2
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If prices will continue to falling, I think I could buy one house and move to London :)
Anyway I think this situation is explained by the fact that Europe experiencing hard times. Very complicated situation with Greece.