Home / News / House prices fall for second month running

House prices fall for second month running

28 December 2007

Building society says house prices fell again in December

According to Nationwide, December saw a 0.5% fall in house prices, the second month in which house prices have decreased after a 0.8% fall in November. However, property prices were still 4.8% higher than December 2006.

The average house price rose over the course of the year by £8,334 to £182,080 at the end of 2007.

The interest rate cut made earlier this month should serve as an aid to help the market recover in the later parts of 2008.

Nationwide’s chief economist, Fionnuala Earley, said: “The housing market has weakened significantly in the closing months of 2007 after holding up more strongly than expected in the earlier part of the year.”