UK Money News
29th May 2008
House prices down again in May
House prices fell again during May for the seventh consecutive month, new data reveals.
According to Nationwide's monthly house price survey, homes dropped in value by 2.5 per cent during the month.
As a result, the average price of a home is now 4.4 per cent less than it was at this time last year.
This is the most marked annual fall since December 1992 when an annual slump of 6.3 per cent was recorded.
However, despite exacerbating conditions, Fionnuala Earley, the Nationwide's chief economist, said that a return to the slump of the early 1990s was unlikely.
She commented: "First, fewer homeowners bought at the top of the market in this cycle. This means a much smaller proportion of borrowers face the full effect of falls in prices than was the case in the 1990s.
"Secondly, today's borrowers have typically put down a larger deposit than their 1980s counterparts."
The value of the average home now stands at £173,583 – equating to an annual fall in value of £8,000.
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