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| House prices 'fall 10.5% in year' | House prices 'fall 10.5% in year' |
| (40 minutes later) | |
| UK house prices have seen an annual double-digit fall for the first time since 1990, according to the latest survey from the Nationwide. | UK house prices have seen an annual double-digit fall for the first time since 1990, according to the latest survey from the Nationwide. |
| The 10.5% annual decline came after house prices dropped by 1.9% in August, the building society said. | The 10.5% annual decline came after house prices dropped by 1.9% in August, the building society said. |
| The average home now costs £164,654 which is more than £19,000 cheaper than in the same month last year. | The average home now costs £164,654 which is more than £19,000 cheaper than in the same month last year. |
| Gloomy forecasts from house builders mean the market is likely to remain subdued, Nationwide says. | Gloomy forecasts from house builders mean the market is likely to remain subdued, Nationwide says. |
| The Nationwide survey found that house prices have fallen for 10 months in a row and are at their lowest level since early 2006. | The Nationwide survey found that house prices have fallen for 10 months in a row and are at their lowest level since early 2006. |
| Fixed-rate favour | Fixed-rate favour |
| Data from estate agents suggested "there may be some glimmers of interest returning to the market", said Nationwide's chief economist Fionnuala Earley. | Data from estate agents suggested "there may be some glimmers of interest returning to the market", said Nationwide's chief economist Fionnuala Earley. |
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| But she said that an "increased supply of properties on agents' books will continue to act as a dampener to house price growth in the short term". | But she said that an "increased supply of properties on agents' books will continue to act as a dampener to house price growth in the short term". |
| House builders were pointing to a loss of consumer confidence for the continued slowdown, the report said. | House builders were pointing to a loss of consumer confidence for the continued slowdown, the report said. |
| And it added that the lack of availability of mortgages was still pushing down house purchase activity. | And it added that the lack of availability of mortgages was still pushing down house purchase activity. |
| "There is clearly less mortgage borrowing taking place in the current market, but those borrowers choosing a new loan are tending to opt for fixed rate loans, even though they have been more expensive than trackers," Ms Earley said. | "There is clearly less mortgage borrowing taking place in the current market, but those borrowers choosing a new loan are tending to opt for fixed rate loans, even though they have been more expensive than trackers," Ms Earley said. |
| Earlier this month, figures from the Council of Mortgage Lenders (CML) suggested that the slump in mortgage lending continued in July. | Earlier this month, figures from the Council of Mortgage Lenders (CML) suggested that the slump in mortgage lending continued in July. |
| Total lending stood at £24.8bn, up by 5% from June, but still 27% lower than a year ago. | Total lending stood at £24.8bn, up by 5% from June, but still 27% lower than a year ago. |