UK: House prices post record annual fall | G.O.O.D

Mountain House Freeze-Dried Food « U.S. home foreclosures hit record level, due in part to California woes FDIC shutters Silver State Bank of Nevada » Sep 05 2008 UK: House prices post record annual fall Posted by: Joshuah in Economics, tags: house prices Source: Top News \| Reuters House prices fell for the seven month running in August to stand a record 12.7 percent lower than a year earlier, a survey showed on Thursday, in a sign the property downturn has already turned into a crash. HBOS, Britain’s biggest mortgage lender, said house prices in the world’s fourth biggest economy fell 1.8 percent last month alone, as the global credit crunch had made it much harder for people to get mortgages. But Bank of England policymakers are expected to hold interest rates at 5 percent for a fifth straight month when they end their meeting at noon due to concerns over inflation, currently running at more than double the bank’s target. More than 25,000 pounds has been wiped off the value of the average home in the last year as a decade-long boom turned into a bust that helped bring the economy to a standstill in the second quarter of 2008. Construction and retail companies have been among the hardest hit and consumer confidence has been battered as two-thirds of British households own their homes — and economists say it could get a lot worse. Full Story… Related Blogs Related Blogs on house prices Speculation Does Not Explain Apparent Housing Overvaluation UK house prices fall 11% in August This entry was posted on Friday, September 5th, 2008 at 6:02 pm and is filed under Economics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site. Leave a Reply You must be logged in to post a comment. Login »
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Creative Commons Attribution 3.0 United States

Creative Commons Attribution 3.0 United States