UK house prices recorded an annual fall of 10.9% in August – the first double digit drop since 1983 says Halifax. The lender said that house prices dropped by 1.8% in August compared to July, leaving the cost of an average home in the UK at £174.178.
It said that market conditions would remain “challenging” in the coming months even after the support offered by the government. House prices on a whole dropped throughout the UK but some surveys indicated that Scotland was more resilient.
The figures show that the average price of a house in August 2008 is the same as it was in February 2006. It certainly looks like more government initiatives are needed to help stabilise the housing market within the UK.
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