Real Estate
House price slide could be start of longer downturn
(TIMESONLINE) - The UK’s largest building society said a second downturn in house prices may be on its way, after it recorded the first fall in average values for 10 months.
The average house price fell 1% to £161,320 in January, according to the Nationwide building society house prices index published last week. This is 13% lower than the peak of £186,044 in October 2007, although values have recovered 9% from the trough of £147,746 in February 2009.
Nationwide said it was “too early to say” if the fall was the start of a trend, triggering yet more uncertainty for borrowers. Martin Gahbauer, Nationwide’s chief economist, said: “There is evidence from a range of indicators that the market may have lost momentum in early 2010 as the stamp duty holiday ended and house hunters were obstructed by the icy weather.”
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