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Thursday, 29 May 2008

House Prices Record Largest Monthly Fall since 1991

Nationwide reports today that house prices have suffered their largest monthly fall since 1991.

Prices fell by 2.5% in May, with prices now 4.4% lower than one year ago, a drop of £8,000 on the average house. The average UK house price is now £173,583.

The Nationwide's report said that house price falls are now accelerating and had fallen for 7 months in a row, with this being the longest period of house price falls since 1992.

Howard Archer at Global Insight is now forecasting that house prices will experience a double-digit fall in 2008 and 2009.
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