House prices fall by 16% year-on-year
House prices fall by 16% year-on-year
House prices fell by 15.9% in 2008, Nationwide said today - the biggest annual drop since the society began keeping records.
December saw a 2.5% fall in prices - the second biggest monthly fall of the year after May, when prices were down 2.6%. The drop follows a 0.4% fall in November, which seemed to suggest the rate of decline was easing.
The snapshot of house prices from the UK's biggest building society showed that by the end of last year the average price of a UK home had fallen by £29,000 to £153,048.
Nationwide's chief economist, Fionnuala Earley, said 2008 had been a "year of turmoil" in the UK housing market.
"The disruption in the financial markets worsened throughout 2008 and had larger implications for the real economy than we anticipated a year ago.
Advertisement starts
Advertisement ends
"This time last year we expected the housing market to cool quickly as affordability was poor and economic conditions looked set to weaken, but we did not anticipate the speed of house price falls or the extent of the global and domestic economic slowdown."
More details soon …
guardian.co.uk © Guardian News and Media 2009
Related Links
Advertisement starts
Advertisement ends
Advertisement starts
Advertisement ends
Consumer news
Get the latest on consumer issues and trends - from property, rip-offs and pensions to fraud, political angles and rising prices
Features and analysis
Top quality stories and analysis of the burning money issues of the day - get the bigger picture
Free guides and brochures
There's a whole range of useful information to choose from including investing, retirement and family financesAlso In This Channel
More Links Within This Section
- Analysis
- Consumer news
- Features
- In focus
- Shares news
- Video news
- Budget 2009
- Cash savers
- Consumer Corner
- Debt: Take control
- Free brochures
- Interest rates
- Recycle
- Shopping guide
- Bank accounts
- Credit cards
- Credit reports: free
- Currency
- Free brochures
- Insurance
- Isas
- Loans
- Mortgages
- Property
- Save energy
- Savings
- Shares
- Small business
- A-Z of tools
- Ask the experts
- Bank charges
- Buy-to-let
- Cars: reducing costs
- Debt advice
- Find an adviser
- Find a solicitor
- Forums: Share views
- Green money
- Info for young adults
- Legal
- Pensions
- Property investing
- Saving for children
- Tax
- Discount vouchers
- Earn cashback
- Home office
- Online bargains
Tiscali Quicklinks. Please visit our Accessibility Page for a list of the Access Keys you can use to find your way around the site, skip directly to the main navigation, to the page content, or to more links within money.
- Thursday , November 26, 2009
- Make Tiscali my homepage
Page Footer
Access keys
You will need to use different key combinations in order to use access keys depending on your internet browser, find out which on our accessibility page.
- (0) Navigate to Accessibility page.
- (1) Navigate to Home page.
- (2) Navigate to My email.
- (3) Navigate to My Account.
- (4) Navigate to Site Map page.
- (5) Navigate to Contact us page.
- (6) Navigate to Members channel.
- (7) Navigate to Services channel.
- (8) Navigate to News & Info channel.
- (9) Navigate to Entertainment channel.
- ([) Skip down to the Primary navigation block.
- (]) Skip down to the more links within this section block.
- (=) Bypass all navigation and jump to the content.
- (x) Text only version of this page.
