UK House Prices Slump For Eighth Month

30 June 2008.

House prices fell for the eighth month in a row during June. The latest figures from leading building society, Nationwide, showed the average cost of a home in the UK slid by 0.9 per cent during the month to stand at £172,415 - annual growth falling at its fastest rate since the 1990s crash.

The housing market downturn has now wiped more than 7 per cent off the value of homes compared with the peak hit last year.

This continuing downturn has added to speculation that the once-booming housing market may crash with some economists forecasting price falls of 15 to 20 per cent this year.