The latest survey from the Nationwide has found that house prices have fallen by 10.5% in the last year. This is the first time since 1990 that there has been a double digit fall.
The average price of a home has fallen by £19,000 in the last year and indicates worrying times for people who are looking to sell their house.
The market is likely to stay subdued according to Nationwide after gloomy forecasts expressed by builders. The survey showed that house prices have fallen for the past 10 months in a row and are at their lowest level since early 2006.
House builders were pointing to a lack of consumer confidence which was encouraging the fall. To add to this mortgage lending is continuing to fall with a lot more people being refused mortgages because of the uncertainty within the market.
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