|
(CEP News) Frankfurt - According to the Halifax Bank of Scotland (HBOS), house prices in the UK fell 8.8% in July year-over-year to an average price of £177,351. Economists had expected a decline of 8.6% following the 6.1% decline seen in June.
In monthly terms, house prices slipped 1.7%, adding to the 1.9% decline seen in the previous month. Economist had called for a 1.5% fall while June's reading was revised up slightly from -2.0%. "Pressure on householders' income, together with a very significant reduction in mortgage finance due to the global financial markets crisis, is constraining potential house buyers' ability to enter the market," HBOS economist Suren Thiru said in a press release. "This is resulting in both lower prices and activity levels." By Todd Wailoo,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Nancy Girgis,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
