Average UK home now worth £30,000 less than a year ago, says Nationwide
House prices in the UK have fallen 15% over the past year, according to the latest survey from Nationwide.
Property prices fell 1.4% in October alone, while the average price of a home in the UK fell nearly £30,000 over the year, to £158,872.
Nationwide's chief economist, Fionnuala Earley, said that prices have been driven down by the level of transactions, which is at its lowest in 34 years.
She said: “A looming recession and continued financial market instability have uncomfortable implications for the housing and mortgage markets, and will undoubtedly affect the pace of recovery in house prices.
“However, the speed of the economic slowdown and the determination on the part of central banks to return stability to the financial markets does mean that interest rates are likely to continue to be cut sharply.”