|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    17th 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

Government figures put house price decline at 7.4%

Bookmark and Share

by Gill Montia
Government figures put house price decline at 7.4%

Official figures from the Department of Communities and Local Government (DCLG) show that in October, the average cost of a UK home had fallen 7.4% from a year earlier.

The monthly fall stood at 2.5% taking the average cost of a property to £203,539; London remained the UK’s most expensive city with an average house price of £318,831.

The DCLG figures show that the decline has escalated, with 5.3% shaved off house prices in the three months to the end of October, compared to 1.6% over the previous quarter.

Regionally, Northern Ireland experienced the steepest annual decline at 20.5%, followed by Wales (7.8%), England (7.3%), and Scotland (4.5%).

Across England the East Midlands and the south-west saw the largest year-on-year fall, at 9.5%. The north-west saw the smallest fall at 5.6%.

The market has reacted to the shortage of first-time buyers with prices on smaller properties falling by an annual 9.7%, whereas properties sold to existing homeowners fell in value by an average 6.6% during the year to the end of October.

By comparison, Halifax and Nationwide both reported annual falls in double figures in October.

Halifax estimated the annual decline at 13.7%, on a monthly fall of 2.2%, while Nationwide’s index gave an annual fall of 14.6%.

Discuss this in the Finance Markets forums

Story link: Government figures put house price decline at 7.4%

News posted: December 10, 2008

Financial Services:

Related financial stories to: Government figures put house price decline at 7.4%:
Previous: «
Next: »

Visited 4027 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: , ,