House prices continue to decline in UK

Philippines News.Net
Tuesday 2nd September, 2008

The latest house price figures, from Nationwide Building Society in the UK, have put the average cost of a home in at £164,654 this month, down from a high of £186,044 last October.

House prices are plummeting in Britain, especially after comments from Alistair Darling, the Chancellor, who warned last week that Britain faced its biggest economic challenge in 60 years.

Business leaders have contradicted the Chancellor's remarks, but they appear to have had their effect in weakening market confidence.

Another factor depressing housing confidence is the likelihood that the Bank of England will keep interest rates on hold at five per cent next Thursday.

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