Tuesday, September 9, 2008
The credit crunch has caused house prices to dropped by 3.4 per cent over the last year, according to the latest figures from estate agents Chesterton.
The Chesterton House Price Poll of Polls for August, compiled by the Centre for Economics and Business Research (CEBR), revealed house prices fell in all regions and across all property types in August. The average price of a residential property in England and Wales fell to £188,431 in August, down 1.1 per cent from July. Meanwhile, a year ago the average house price was £195,192. Terraced houses suffered the biggest decrease, experiencing a 0.7 per cent drop in month-on-month prices. Meanwhile, the average house price in London was 0.9 per cent lower than in August 2007.