Date issued: 28 Dec 2007
HOUSE PRICES FALL BY 0.5% IN DECEMBER
- House prices fell by 0.5% in December, the second consecutive monthly decline
- The average price of a UK property is £8,334 higher than a year ago
- Rate cuts will help but are unlikely to re-ignite the housing market as in 2005
| Headlines |
December 2007 |
November 2007 |
| Monthly index * Q1 '93 = 100 |
366.4 |
368.2 |
| Monthly change* |
-0.5% |
-0.8% |
| Annual change |
4.8% |
6.9% |
| Average price |
£182,080 |
£184,099 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“UK house prices fell by a seasonally adjusted 0.5% in December, recording their second consecutive month-on-month fall. The annual rate of house price inflation fell to 4.8%, compared to 6.9% in November and 10.5% in December 2006. The average price of a UK property rose by £8,334 over the last 12 months, leaving it at £182,080 at the end of 2007. The three-month on three-month rate of growth – a smoother indicator of house price trends – fell from 1.4% in November to 0.9% in December, the lowest since November 2005.“
For further information please see this month's full report (PDF - 80KB)
