House prices continued to fall in August, recording a double digit year-on-year fall for the first time since the 1990s.
According to Nationwide, the price of a typical house has fallen by 10.5% over the past 12 months to £164,654. This is the fastest rate of decline since 1990.
Prices fell by 1.9% in August, more than the 1.5% fall recorded in July, and Fionnuala Earley, Nationwide's chief economist, said activity in the property market would continue to be subdued.
"While the pace of monthly falls picked up during the month, the less volatile three month on three month measure, eased very slightly in August to 4.5% from 4.6% in July," she said. |
