UK Money News
31st July 2008
House price deflation at 17-year high in July
House prices fell at the fastest rate for 17 years during July, according to new data.
Figures from the Nationwide building society showed that price slipped by 1.7 per cent during the month.
This is down from a figure of 0.8 per cent in June and is the most marked decline since the lender began compiling data in 1991.
The annual rate of decline, meanwhile, is up from 6.3 per cent last month to 8.1 per cent.
As a result the average price of a home has fallen to £169,316 - down £15,000 from the same month last year.
Fionnuala Earley, chief economist at Nationwide, said: "There are around 41 per cent fewer first-time buyers now than at the same time last year.
"This may be due to their own desire to delay purchase because they expect prices to continue to fall, or frustration in obtaining finance, but the impact on the market is likely to be the same. That is that chains become longer and have a greater propensity to break down."
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