House Prices Falling at Fastest Rate on Record
New figures from Nationwide show that house prices are falling at their fastest pace on record.The average UK home lost 1.7% of its value in September, leaving prices 12.4% lower than they were a year ago. The drop beats the worst annual fall during the house price crash of the early 1990s, when in the final three months of 1990 prices were 10.7% lower.
The average home is now worth £161,797, down from £164,654 in August.
Nationwide said September’s fall was likely to be beaten next month, as the UK economic slowdown worsens.
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