Nationwide says house prices are falling
28 July, 2011
CurrencyIndex
Nationwide this morning unveiled its report gauging housing prices in the UK with a worrying downward trend. The monthly comparison of prices showed a 0.7% decline coming after a no-change result last month and plummeting past the forecasted fall at 0.3%.
The official release deals with the potential consequences of the drops in price: “If the recent trend in house prices were to continue through November and December, the annual rate of house price inflation would drop to between 0% and -1% by the end of 2010. This would compare to a rate of +5.9% at the end of 2009.”
Falling house prices are a worry for the economy as a whole, and tend to cause a fall in sterling. The Pound has dropped around 0.5c against the Euro and US Dollar this morning.
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