UK House Prices Continue to Fall (02/10/08)
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UK house prices have fallen for an 11th month in a row, falling by 1.7% in September (info provided by Nationwide).
Nationwide have reported a 12.4% annual drop in prices, which means the cost of the average UK home is valued at £161,797, which is more than £20,000 less than a year ago.
Nationwide warned the next year or two would be "difficult" although the rate of drop has reduced. House prices in southern England suffered worse than the north the lender confirmed.
Breakdown by region
Nationwide has also released figures showing prices during the third quarter of the year in different areas of the UK.
Four of the six regions registering double-digit price declines were in the South. East Anglia and the South West showed the biggest annual drops - both 11.4%.
Where are prices staying the same?
Oxford: 3% drop, £321,848
Canterbury: 4% fall, £215,608
Durham city: 2% annual rise. Average price £157,613
Edinburgh: 3% drop, £249,587
London: 5%, £301,301
Northern Ireland has the steepest decline in house prices in the UK (29.8% lower than a year ago).
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