"House prices have slumped by 12.4% over the past 12 months." Full Guardian story here.
House prices fell by 1.7% in September and are set to continue to drop in the short term, the UK's biggest building society said today.
Over the month the cost of an average home in the UK fell by almost £3,000 to £161,797, according to Nationwide's latest snapshot of the housing market. [£1 = $1.7657]
Prices have fallen for 11 months running and are now 12.4% lower than last September. This is the biggest drop recorded by the Nationwide index since records began.
Last September, as the Northern Rock crisis began, the price of an average home in the UK stood at £184,723, according to Nationwide. Since then, falling confidence in the market and tighter lending conditions imposed as a result of the credit crunch have knocked £23,000 off that average price.
However, despite the double-digit annual fall, Nationwide said there was evidence the property market could be stabilising - monthly falls have been running at a similar rate for the past three months and quarterly falls have settled into a pattern after accelerating in the first half of the year. . . .
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