House prices fall by 10.5%, Nationwide says
The average property in the UK lost another 1.9 per cent of its value this month, the new Nationwide house price survey has suggested.
According to the new report, house prices have fallen by 10.5 percent over the past year.
This means that the typical home has lost around £20,000 in value.
The latest survey also marks the first double-digit annual percentage point drop for almost two decades - bad news for mortgages for professionals holders who hope to sell their homes in the near future.
Nationwide chief economist Fionnuala Earley commented: "Recent activity levels in the housing market have been very subdued.
"House builders in particular have been reporting significant reductions in site visits and reservations of new properties since this time last year, in spite of a big increase in the use of sales incentives."
Nationwide is Britain's biggest building society.
According to the new report, house prices have fallen by 10.5 percent over the past year.
This means that the typical home has lost around £20,000 in value.
The latest survey also marks the first double-digit annual percentage point drop for almost two decades - bad news for mortgages for professionals holders who hope to sell their homes in the near future.
Nationwide chief economist Fionnuala Earley commented: "Recent activity levels in the housing market have been very subdued.
"House builders in particular have been reporting significant reductions in site visits and reservations of new properties since this time last year, in spite of a big increase in the use of sales incentives."
Nationwide is Britain's biggest building society.
