House price falls continue
The trend of continuing house price falls has not faltered in the last month, new figures have revealed.
In its latest house price survey Nationwide has discovered that values are 4.4 per cent lower than they were last year, after falling 2.5 per cent over the month of May.
Fionnuala Earley, Nationwide's chief economist, stated that as this is the seventh consecutive month that house prices have dropped, this is the longest period of decline in values since 1992.
"The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market," she said.
However, prices are still five per cent higher than they were two years ago, the survey revealed.
Council of Mortgage Lenders figures show that in 1992, 1.48 per cent of mortgages were more than a year in arrears.
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