The decline in house prices accelerated in July, according to the Nationwide Building Society. It recorded the ninth consecutive monthly fall and the largest year-onyear drop in property values since the early 1990s.
House prices were 8.1% lower than a year ago, the lender said, the fastest rate of decline since it started to produce monthly figures in 1991. Its quarterly series showed more rapid falls in prices in 1990.
With demand for housing low, more stringent conditions being applied to mortgage applicants and lenders finding wholesale funding scarce and expensive, a bottom to the housing decline remains far out of sight.
Financial Times, Daily Telegraph