Biggest annual house price fall since '92 - papers 29 May

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 year...