House prices fall by nearly 15%
Share
According to the Nationwide House Price Index, prices fell by 1.4 per cent in October to an average of £158,872.
The building society says reluctance of sellers to reduce asking prices could be hindering market activity. It also recognised that the UK is heading into recession, which it thinks opens the door to sharp cuts in rates.
Nationwide chief economist Fionnuala Earley says: "The price of a typical house is now £158,872, almost £30,000 less than a year ago, but to put in context, still almost £30,000 more than five years ago.”
Callcreditcheck.com head Owen Roberts says: “Despite the recent government efforts to re-invigorate the lending market, it is likely that lending criteria will remain stringent for the immediate future for those hoping to enter the property market or remortgage.”
