House prices worst fall for 16 years

House prices worst fall for 16 years


The month of June saw house prices fall for the 8 month in a row. This drop was the worst drop in 16 years and the housing slump is said to outdo that of the nineties. Lender Nationwide revealed that prices fell by almost 1% in the past month. The average house price now stands at £172,000 and experts are predicting that this figure could soon fall another 20%.

Nationwide also revealed that Northern Ireland experienced the worst price falls, with the average cost of a home falling by 9% over the past year. Homes in Wales have lost 5.7% of their value and with interest rates at a high this downward trend shows no signs of stopping.

Lucy Trueick

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