Friday, May 2, 2008
After Halifax, HBOS confirms yearly fall in house prices
U.K. house prices posted the first annual decline since 1996 in April as mortgage lending dried up and the construction industry shrank the most in almost a decade, industry reports showed. The cost of an average home declined 0.9 percent to 189,027 pounds ($373,082) in the three months through April from a year earlier, HBOS Plc, the U.K.'s biggest mortgage lender, said today. That was the first annual drop in HBOS's index since February 1996.