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Figures realised from Nationwide say that figures how that house prices in th UK have fallen by 14.6% in the past year. The figures also show house prices are down by 1.4% this month, setting once again, a new all-time low for the Nationwide house price index.

The UK average property price now stands at £158,872, that is almost £30,000 less than a year ago! All this points towards all the hype about a UK economy that is heading into recession.

Nationwide’s chief economist Fionnuala Earley stated in a report that these figures should that the UK was heading into recession, which would put further pressure on prices to fall. Fionnuala stated “As the economy weakens further there is likely to be more movement on asking prices as sellers adjust to the prevailing conditions and reassess their own needs. While there will always be a rump of sellers who will need to move in order to accommodate job or family changes there will be others who are affected by economic conditions more acutely. So we should expect a moderation of price expectations on the part of sellers in a weaker economic environment.”

Annual house price growth was running at 9% last September before the credit crunch struck.