UK house prices slump in August

The near 2pc dip eclipsed the 1.5pc fall recorded in July and took the average house's value to £164,654, some 10.5pc down on a year ago. Jörg Radeke, economist at the cebr, said: "Today's figures defy hopes that the housing market is bottoming out any time soon and is in line with the Bank of England's downbeat economic assessment. The latest evidence of an ongoing housing market slump, the stillstand of the economy in the second quarter of 2008 and first signs of easing consumer price inflation could mean that the Bank of England considers rate cuts before the end of the year." To co...