UK House Prices Drop Further - Nationwide

(RTTNews) - UK house prices dropped 2.5% in December from the prior month, a report from the Nationwide showed Tuesday. In November, house prices were down 0.4%. Annual fall in December was 15.9% compared to November’s 13.9% decrease.

The price of a typical house stood at GBP 153,048, down from GBP 158,442 in the prior month.

The Nationwide said outlook for 2009 subdued, but low supply will play a part in recovery. Fionnuala Earley, Nationwide’s Chief Economist stated, “Conditions remain highly volatile going into 2009, making it more difficult than usual to arrive at a specific forecast for house prices. In these unsettled times a forecast subject to frequent change could itself add to greater uncertainty.”

In the fourth quarter, house prices decreased 14.7% on a yearly basis, following a 10.3% fall in the prior quarter. Compared to third quarter, house prices dropped 4.4%.

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