Nationwide: House prices falling fastest in 18 years

Source: Exec Digital UK

Date :28/08/2008 08:56:40

Nationwide building society warns that house prices are falling at their fastest rate in 18 years.

Nationwide building society has today, August 28, reported that house prices are falling at their fastest annual rate in almost 18 years.

This is a worrying sign that the slide in the housing market is deepening.

The UK's largest building society said house price falls are now reaching double digit levels and falling at a rate not seen since fourth quarter of 1990.

Commenting on the figures, Fionnuala Earley, Nationwide's Chief Economist, said:

“The price of a typical house fell by 1.9 percent in August, bringing the annual fall into double digits for the first time since the fourth quarter of 1990.

“The price of a typical house fell by 10.5 percent over the last 12 months to £164,654. While the pace of monthly falls picked up during the month, the three month on three month measure eased very slightly in August to 4.5 percent from 4.6 percent in July.”

Separately, it emerged yesterday that Taylor Wimpey, the UK's biggest housebuilder, is selling less than half a house a week despite offering huge incentives to homebuyers