| 06 November 2008 |
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UK House Prices Drop By Record 14.9% |
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British house prices have fallen by a record 14.9% over the past 12 months, according to the latest survey by the UK's biggest mortgage lender.
The Halifax house price survey showed house prices fell by another 2.2% in October - with the average UK home now costing £168,176, almost £30,000 less than a year ago - the ninth successive fall after September's 1.3% fall.
The building society said the drop means house prices are now in line with what they were in October 2005.
Martin Ellis, Chief Economist, commented: "Housing market conditions remain challenging in the face of the significant pressures on householders' incomes and the reduction in the availability of mortgage finance since last summer.
"Prices are still falling and they're falling at a faster pace than we've seen before."
Today's 17.9% decrease is the biggest annual decline since Halifax began keeping records in 1983. It also exceeds the last housing market crash in the early 1990s.
(JM) |
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