Thursday, August 28, 2008
The fall is now a crash!!
The torrent of negative news for the UK property market continued unabated today, leading analysts to question – is this now a house price crash? What's the evidence? Figures from the Nationwide released today illustrate the scale of the problem now facing the market. Average property prices have fallen across the UK by 10.5 per cent over the course of the last year, and what's more the pace of decline is accelerating. While prices fell by an already dramatic 1.5 per cent in July, this accelerated to 1.9 per cent in August, with activity "very subdued", according to Nationwide.