August 1, 2008

Record fall for properties

The Nationwide building society has been keeping records since 1991 when conducted their first housing survey, this now acts a guideline for the current state of how the property in the UK is doing and it is not a pretty sight.

The data collected has shown that the average house price has fallen 1.7% last month and 8.1% on the year, the average value of a house in the UK is now £169.316, this is a massive fall of around £15,000 on the prices seen last year.

However, there is one thing that homeowners should remember and that is the price of property is still £11,000 higher than it was just three years ago, so anyone who bought their home two to three years ago will not be looking at a loss, yet!

Source [BBC]