Menu
29/05/2008
House Price Falls Have Accelerated Further
According to the Nationwide Building Society, the rate of house price falls has accelerated further, dropping by 2.5% in May alone.
However the building society say borrowers are better placed to weather the storm than in previous periods of instabilty, such as in the 1990s, as tighter credit conditions should help the longer term sustainability of the market.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "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.
"Prices fell by 2.5% during the month, the largest recorded monthly fall in the history of the Nationwide monthly index.
"At seven months, this is also the longest consecutive period of monthly falls since 1992," she said.
Prices have fallen 4.4% since this time last year, the biggest annual fall in house prices since December 1992 when prices were falling at an annual rate of 6.3%.
"The price of a typical house is now £173,583 - £8,000 less than this time last year. "However, the strength of house price growth - up until last year - means that prices are still 5% higher than two years ago and 10% higher than three years ago." said the Chief Economist.
(GK)
However the building society say borrowers are better placed to weather the storm than in previous periods of instabilty, such as in the 1990s, as tighter credit conditions should help the longer term sustainability of the market.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "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.
"Prices fell by 2.5% during the month, the largest recorded monthly fall in the history of the Nationwide monthly index.
"At seven months, this is also the longest consecutive period of monthly falls since 1992," she said.
Prices have fallen 4.4% since this time last year, the biggest annual fall in house prices since December 1992 when prices were falling at an annual rate of 6.3%.
"The price of a typical house is now £173,583 - £8,000 less than this time last year. "However, the strength of house price growth - up until last year - means that prices are still 5% higher than two years ago and 10% higher than three years ago." said the Chief Economist.
(GK)
Related UK National News Stories
Click here for the latest headlines.
13 August 2007
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
House Prices Rise By 12% In June
UK annual house price inflation in June 2007 was 12.1%, up from 10.8% in May 2007. Annual house price inflation in London was 17.5% in June, up from 14.3% in May. The UK annual house price inflation rate for the 3 months to June was 11.3% and 15.1% in London. The UK house price inflation rate rose from 10.8% in May 2007 to 12.1% in June 2007.
01 September 2005
Fall in house prices reported
House prices fell by 0.2% in August, according to the latest figures from the Nationwide. The building society said that the rate of annual house price growth had fallen to 2.3%; it’s lowest level in nine years.
Fall in house prices reported
House prices fell by 0.2% in August, according to the latest figures from the Nationwide. The building society said that the rate of annual house price growth had fallen to 2.3%; it’s lowest level in nine years.
30 April 2003
UK house prices stagnate
The latest house price survey has revealed that UK property prices were unchanged in April. The Nationwide building society’s latest figures put the average house price at just under £122,800, a clear sign that house price inflation has dipped dramatically.
UK house prices stagnate
The latest house price survey has revealed that UK property prices were unchanged in April. The Nationwide building society’s latest figures put the average house price at just under £122,800, a clear sign that house price inflation has dipped dramatically.
12 December 2005
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
House price inflation drops
Annual house price inflation dropped again in October, according to the latest figures from the Office of the Deputy Prime Minister. House price inflation was 2.2% in October, a fall from September’s figure of 3.3%. The ODPM reported that the average house price in the UK was £186,103 in October, compared with £186,755 in September.
07 December 2006
House price inflation increases
The annual rate of house price inflation has risen to 9.6% according to the latest set of figures from the Halifax. The monthly change showed a 1.7% increase in November, which took the price of the average house in the UK to 187,995.
House price inflation increases
The annual rate of house price inflation has risen to 9.6% according to the latest set of figures from the Halifax. The monthly change showed a 1.7% increase in November, which took the price of the average house in the UK to 187,995.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
