Date issued: 6 Jan 2009
2008: A DIFFICULT YEAR FOR THE HOUSING MARKET
- House prices fall by 2.5% in December
- Annual rate of fall reaches 15.9
- Continuing uncertainty means forecasts can be misleading
- Outlook for 2009 subdued, but low supply will play a part in recovery
| Headlines |
December 2008 |
November 2008 |
| Monthly index * Q1 '93 = 100 |
308.9 |
316.8 |
| Monthly change* |
-2.5% |
-0.4% |
| Annual change |
-15.9% |
-13.9% |
| Average price |
£153,048 |
£158,442 |
* seasonally adjusted
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“The price of a typical house fell by 2.5% in December, a stark contrast with the modest fall of 0.4% in November. This brings the annual rate of fall over the last twelve months to 15.9%. However the three-month on three-month rate, which smoothes the volatility often seen in the monthly numbers, shows a fall of only 4.2% in December. This is its slowest pace since May 2008. The price of a typical house is now £153,048, around the same level as of spring 2005, but still over £17,500 more than five years ago"
For further information please see our December 2008 report (PDF 56KB).
