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(CEP News) Frankfurt - House prices in the UK surprised to the downside in December, falling 2.5% month-over-month in seasonally adjusted terms to an average price of £153,048, overshadowing the 1.5% decline and deepening the 0.4% contraction observed in the previous period, according to the Nationwide Building Society.
On an annualized basis, house prices slipped at their sharpest rate on record, falling 15.9% in non-seasonally adjusted terms. Expectations had called for a more modest decline of 14.6% year-over-year, down only 0.7 percentage points from November's 13.9% fall. "2008 has been a year of turmoil in the UK housing market," Nationwide chief economist Fionnuala Earley said in a press release issued on Tuesday, adding that credit conditions, expectations and affordability are the main factors behind the sharp decline in prices. Written by CEP News European Staff in Frankfurt,
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, edited by Nancy Girgis,
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