Nationwide Building Society: House prices are still falling

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Nationwide Building Society: House prices are still falling

Thu 29th Jan 2009

Nationwide Building Society has released data which shows that average house prices are continuing to fall across the country.

According to the building society's house prices survey, the price of the average house in the UK has fallen from £153,048 to £150.501 in the last month - a decline of 1.3 per cent.

Over the course of the past year, house prices have fallen by an average of 16.6 per cent across the country due to the credit crunch and the onset of the slide into recession.

However Martin Gahbauer, Nationwide's senior economist, said that some of the property market indicators had improved in the past month.

He said: "The 3-month-on-3-month rate of change, a smoother indicator of the short-term trend in prices, improved for the fourth consecutive month from -4.2 per cent in December to -4.0 per cent in January."

Nationwide is the UK's second largest mortgage lender.

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