Nationwide reports house price falls
www.moneynews.co.uk > Housing market > Nationwide reports house price falls
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Nationwide reports house price falls
Fri 28th Mar 2008
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That brings the annual rate of house price growth to 1.1 per cent, its lowest level for 12 years, although prices are still 11 per cent higher than in 2006 and 47 per cent higher than five years ago.
The building society also found that since September, consumers' expectations of house price growth in the next six months have fallen significantly.
Fionnuala Earley, Nationwide's chief economist, attributes this to "turmoil in the financial markets" and "signs of slowing in the more visible annual rate of house price growth and house purchase approvals data".
She concluded that although the outlook for house prices is "downbeat", "a moderate fall in prices at this stage should not be unwelcome and should help to ensure greater stability in the market going forward".
Despite lower prices, those looking to buy a home at the moment may have difficulty securing a mortgage - recent research from Moneyfacts.co.uk found that over the last month alone, the number of mortgage products available has declined from 7,726 to 5,700
Related News : Housing market |
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Related News : Nationwide |
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