The slump in Britain's house prices accelerated in May to the fastest level since the Nationwide began records 17 years ago, The Times reports.
The price of an average house fell 2.5% in the month, making the seventh consecutive monthly fall in prices, the longest downward slope since the housing recession of 1992.
In the year, 4.4% has been wiped off the value of homes, the biggest annual fall since December 1992 when the price fall reached 6.3 per cent.
The price of a typical house is now £173,583, £8,000 less than this time last year.
Fionnuala Earley, the Nationwide's chief economist said that it should be borne in mind that rising house prices up until last year means that even now prices are still 5% higher than two years ago and 10% higher than three years ago.
ALMOST A TENTH of UBS's wealth management advisers in London have defected in the past 10 days, including some of the Swiss bank's highest fee-earners, amid fears the troubled investment bank's problems are spreading across the group, according to The Telegraph.
Nineteen senior client advisers have resigned for new positions with Vestra Wealth, a specialist boutique set up last year by former UBS managing director David Scott. Another four have moved to Merrill Lynch, NM Rothschild and Credit Suisse.
The defections have been in the UK domestic wealth management operation, which employs 260 client advisers. In total, including work for non-domiciles, UBS has more than 300 specialists in London.
US INSURANCE GIANT AIG saw its shares slide to new lows on Wednesday despite denying an analyst's report that it needed a capital injection of up to $10bn (£5.075bn) to shore up its balance sheet, The Guardian reports.
The group was the biggest drain on the Dow Jones industrial average when its shares closed last night down almost 5%, or $1.71, at $34.91, a level it has not seen since 1997. The share price has more than halved in the last 12 months and the 52-week high is $72.96.
Earlier this month AIG raised more than $20bn with the sale of equity, debt and convertibles, in the wake of posting a record $7.8bn loss in the first quarter. At the time the company said that the amount was $7.5bn more than was really needed.IFAonline
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