House price falls worst since 1983

The UK’s largest mortgage lender revealed prices fell 1.8% during August 2008 as prices continue to crash across the UK. Last month, the average price of a house was £174,178, down from a peak of £199,612 in August 2007. On a three-monthly smoothed basis, Halifax’s preferred measure, prices fell 10.9%, the first double digit fall since 1983, indicating the current crash is progressing faster than that seen during the early 1990s. Prices have now reached a level seen in early 2006, and the current trends show no signs of letting up as mortgage finance continues to be available only to tho...