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House prices fall by a record rate
03 October 2008
Over the past 12 months house pricees have fallen by a record amount, losing 12.4% of their value.
Last month prices dropped by 1.7% resulting in the average property in Britain now costing £161,797. Prices have been falling for 11 consecutive months. The annual drop is the largest ever recorded by the Nationwide Building Society, however it is claimed that the decline is leveling out.
Prices have fallen throughout Britain with the biggest drops seen in the south of the country. In East Anglia and the south-west prices fell by 11.4%. In London, the south-east, Yorkshire and Humberside prices fell by more than 10%.
The biggest falls were in Northern Ireland where the average cost of a home was 29.8% lower during the third quarter of the year compared with the same period last year.
If house hunters are able to find the funds required to get a mortgage, now could be as good a time as any to start property hunting again.
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