UK home prices: Sharpest decline in 15 years

UK home prices: Sharpest decline in 15 years

 

UNITED Kingdom house prices fell the most in 15 years last month as lenders restricted

access to mortgages and the prospect of a recession deterred buyers, a report showed.

 

The cost of an average home dropped 3.8 per cent to £184,111 pounds ($491,222) from a year earlier, the UK’s biggest mortgage lender said. That’s the biggest annual decline since April 1993. Prices slipped 2.4 per cent on the month and are now the lowest since September 2006.

 

The report adds to evidence that the UK housing market is heading for its biggest downturn since the early 1990s and dragging down the rest of the economy.

 

Source: Today Newspaper

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