Further evidence of failing house market

Last week, Nationwide’s figures also indicated house price fall had accelerated to 2.4% in May, and even the Government has suggested prices may fall by 10% this year. The Halifax figures put the average house price at £184,111, a fall of 3.8% since May 2007. Prices have now fallen 7.8% since their peak of £199,600 in August 2007, according to Halifax, and have already fallen 6.7% since January. The rapid acceleration in price falls may indicate that estimates of falls between 5% and 10%, made by the Council of Mortgage Lenders and Nationwide, may prove to be optimistic. However, Martin...