House Prices fall at fastest rate for 18 years
28 August 2008
House prices in UK have seen a double-digit drop for the first time since 1990, according to the latest figures from the Nationwide.
The average house price has fallen 10.5% in the past year, making the average home nearly £20,000 cheaper than it was in the Summer of 2007.
Nationwide says gloomy forecasts from house builders mean the market is likely to remain subdued in the months to come.
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Mortgage approvals have slumped 65% in the past year, and the number of properties on Estate Agents' books is way outstripping the number of potential buyers.
Nationwide reports that the number of borrowers choosing 10 year fixed rate deals has risen from around one in five at the beginning fo the year to 47%.
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