|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    22nd of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Property News feed Property News

All Financial News feed All Financial News

House prices fall 2.5% in May

Bookmark and Share

by Gill Montia
House prices fall 2.5% in May

Nationwide recorded a 2.5% fall in UK house prices in May, the biggest monthly decline since the building society began keeping records, in 1991.

According to the lender, house prices have now fallen for the seventh consecutive month (the longest consecutive period of decline since 1992) taking property values 4.4% below May 2007 levels.

Earlier this week, the National Association of Estate Agents reported that the housing market showed signs of stabilising during April and that the average proportion of the asking price achieved was 95.3%.

The news from Nationwide was therefore unexpected and will fuel speculation that a much predicted correction of UK house prices of up to 30% is now on the cards.

The latest Nationwide figures puts the average price of a UK home at £173,583, which is around £8,000 less than one year ago.

However, the figure needs to be seen in relation to the high levels of property prices inflation experienced in recent years; it remains 5% higher than two years ago and 10% above May 2005 prices.

Discuss this in the Finance Markets forums

Story link: House prices fall 2.5% in May

News posted: May 29, 2008

Financial Services:

Related financial stories to: House prices fall 2.5% in May:
Previous: «
Next: »

Visited 2547 times, 1 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: ,