Woman and child look at properties advertised for sale in an Estate Agents window, London, UK. Photo:Jeff Gilbert
Last week's Nationwide house price figures showed a second successive monthly fall, this time of What's more, this data followed other signs of weakness. Mortgage approvals for house purchase have been low all year. Lower house prices would make a lot of economic sense. In the UK, as in the US, a surge in house prices was right at the centre of the wider economic boom which ultimately ended in the financial crisis. Since then, most asset markets have undergone a major adjustment. In the US, even though the housing market never got as overvalued as ours did, house prices fell by 32pc. In the UK commercial property prices fell by about 45pc. Equities fell by about 50pc, and still stand 20pc below their peak. The pound fell by about 25pc. Although average UK house prices initially fell by 20pc, they then recovered and currently stand only about 10pc below their highs. So the UK housing market sticks out like a sore thumb.
Size: 4367px × 2911px
Location: Clapham Junction, South West London, England, UK.
Photo credit: © Jeff Gilbert / Alamy / Afripics
License: Licensed
Model Released: No
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