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House Prices

6th Jan

House prices fall in 2008

House prices fell by 15.9% last year, according to the latest survey by the Nationwide building society.

It says prices fell by another 2.5% in December taking the average house price down to £153,048 - £29,000 less than a year ago.

The building society says that as prices have now fallen for 14 months in a row they are 18% lower than their peak in October 2007.

The Nationwide's chief economist said last year was a "year of turmoil".

© BBC News Channel 6th January 2009

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