House prices fell for a twelfth consecutive month in October, cutting almost 15% of the cost of the average British home, according to Nationwide Building Society.
Prices are now at their lowest point since February 2006 and many consumers believe prices will continue falling through 2009. Nationwide’s house price index found the average British home cost £158,872 in October, down 14.6% from a peak of £186,044 in October 2007. Prices fell 1.4% between September and October. Transactions as a percentage of housing stock have hit a record low in 2008 so far, a key indicator of the market’s health. The time taken to sell property has also increased dramatically, with the average home taking 12 weeks to sell, compared with 7.4 weeks a year ago. Howev...
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