Prices for houses in Britain again have fallen
The prices for houses in the Great Britain have fallen on 1,7 % in monthly calculation in September, 2008, that has led to the maximal annual decrease for 17 years. Data, given by Nationwide, prove it.
According to Nationwide, the prices for houses in September have decreased on 12,4 % in comparison with the similar period of the last year. In result of September decrease, the average price for the house has made 161,797 thousand pounds sterling ($286,06 thousand). It is the lowest price level since February, 2006.
Consecutive reduction of cost of houses in the Great Britain and behind its limits became the key factor of crisis, which has brought down bank sector and threatens to lead many industrial countries to recession.
Dr. Howard Archer, Managing Director of European Forecasting and Analysis for Global Insight’s Country Intelligence Group, has declared that even if the Bank of England will reduce the key rate next week as they now expect, it, possibly, will render only very small support to the housing market, considering, that of rates of monetary market growth renders increasing pressure upon interest rates under the mortgage.
- Housing prices in Britain continue to fall
- USA: real estate becomes much cheaper
- The number of new buildings in the Great Britain was reduced to a minimum for four years
- Prices for habitation have sharply grown in Britain