UK Money News
30th April 2008
House prices down year-on-year
UK house prices have shown an annual fall for the first time in 12 years, new data shows.
According to Nationwide's monthly house price survey, house prices fell by 1.1 per cent in April.
This followed a decline of 0.7 per cent during March and means that the value of a property is now one per cent less than it was during April 2007.
Factoring in the fall in April, the average house price now stands at £178,555 - £1,759 less than in the same month last year.
Fionnuala Earley, chief economist at Nationwide, said: "April's fall in prices continues the trend of the last six months and reflects the weakening sentiment in the market brought about by poor affordability and tighter financial market conditions."
However, Ms Earley ruled out a return to the property sector conditions noted in the house price crash in the 1990s.
She explained: "Back then a much higher proportion of loans were on variable rates and as a consequence were hit very quickly by the sharp increase in the bank rate in the late 1980s.
"This was a major factor behind the collapse of the market in the 1990s."
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