UK house prices fall to 7-year low
Property professionals
30th September 2008
The average price of a house in the UK fell the most in almost seven years last month, according to new figures.
Data from Hometrack found that the average asking price for a residential property in England and Wales fell by 6.2 per cent compared to the previous year, reports Bloomberg.
The number of homes changing hands has also dropped to the lowest level since the 1960s.
Richard Donnell, director of Hometrack's research unit, commented: "Weak demand continues to put a downward pressure on house prices [...] It is very hard to identify the mechanisms by which the current cycle of weak confidence, declining sales volumes and falling house prices can be reversed in the near future."
In related news that will do little to boost the spirits of homebuyers, home loan approvals fell to 32,000 in August, while the value of mortgages hit the lowest level for 15 years.
