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UK real estate prices - largest fall in 17 years

de Radu Rizea
Vineri, 3 octombrie 2008, 11:38 English | Regional Europe

The average price for houses in the United Kingdom recorded in September an annual decrease rate of 12.4%, the largest in the past 17 years, Nationwide data indicate, according to Financial Times. Nationwide is one of the most important mortgage credit institutions in the UK.

In Britain, it is the 11th consecutive month of prices' decrease. One day before, the Spanish market also admitted the first significant price decrease in the past 10 years.

While some analysts remain optimistic and say that that the pace of price decrease has stabilized, Howard Archer, a chief economist for Global Insight, estimates that the descending trend will continue for a long time, given the worsening macroeconomic conditions.

Click here to see the Nationwide data

Click here to read the full article in Financial Times

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