UK house prices fall by 2.6% in a year - Economy - News - Moneyfacts

News

UK house prices fall by 2.6% in a year

UK house prices fall by 2.6% in a year

Category: Economy

Updated: 01/08/2012
First Published: 01/08/2012

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The average house price has tumbled over the past year to £164,389, a fall of 2.6%.

This is the fourth decline in prices in five months, reflecting a fall of 0.7% during July. House prices are currently 13% below their 2007 peak, prior to impact of the economic crisis.

As well as the continuingly tough economic climate, the dip in house prices is believed to be due to a fall in economic output, a lack of building activity and bad weather over the past few months.

Robert Gardner, chief economist for Nationwide Building Society, which compiled the figures, said: "The weaker price trend observed in recent quarters is unsurprising, given the disappointing performance of the wider economy."

"Data released last week revealed that the UK recession intensified in the three months to July, with the economy contracting by 0.7% quarter on quarter."

Find the best mortgage rate - Compare best selling mortgages

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Base rate remains unchanged in surprise decision

Earlier today, the Bank of England’s rate setting committee announced that it had voted decisively to keep base rate on hold at its record low of 0.5%. But what does it mean for you?

Budget 2016 – an overview

Well, George Osborne has just revealed the Budget for 2016 – his eighth so far as Chancellor – and as ever, there were some winners and losers from the whole thing. Below is a quick overview of the key points.

What does a US Fed rise mean for the UK?

The US Federal Reserve has decided to raise interest rates, and although you may not think that financial events happening in the US will have much of an impact on UK soil, you may be surprised…
 
Close