| From Telegraph: Property values have dropped by 10.5 per cent in the last year, the first time they have dropped by double figures since 1990, according to Nationwide Building Society.The average property has seen just under £20,000 wiped off its value and now stands at £164,654.House prices have now fallen for 10 months in a row, they have fallen by 10.3 per cent since the beginning of the year.
The rate at which homes are losing value also accelerated in August to 1.9 per cent, from 1.5 per cent and 0.9 per cent in July and June respectively.Fionnuala Earley, Nationwide's chief economist, pointed out that the longer view was less severe. "While the pace of monthly falls picked up during the month, the less volatile three month on three month measure eased very slightly in August to 4.5 per cent from 4.6 per cent in July," she said.... Full Article: Source
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