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House prices fall at the fastest
rate in 12 years fuelling fears of property crash
UK
Daily Mail
Thursday November 29, 2007
Fears of a housing crash dramatically increased today
with figures showing the biggest monthly fall in property prices
for more than 12 years.
Prices dropped by an average of 0.8 per cent this month, according
to Nationwide, reversing a 1.1 per cent jump in October. The last
time values fell so sharply in a single month was June 1995.
The Nationwide figures add to a growing body of evidence that
the great housing boom is finally over and that a prices slump
is on the way. The Land Registry said yesterday that property
values in London dropped 0.6 per cent in October.
City bookmakers Cantor Index said this week its clients were
predicting a fall in London prices of 10 per cent by 2010.
(Article continues below)
Nationwide said the annual rate of increase fell from 9.7 per
cent in October to 6.9 per cent in November. The average price
of a home in the UK is now £184,099, down almost £2,000
in a month but still up £12,000 on a year ago.
The building society said all indicators pointed to a further
slowing in the market as buyer sentiment continues to weaken and
the final phase of the introduction of home information packs
from next month hits the supply of smaller properties.
New figures have also shown that the number of mortgages approved
for people buying a home fell to its lowest level for nearly three
years during October.
The Bank of England revealed that just 88,000 home loans were
approved for people moving during the month.
This is the lowest figure since February 2005 and well down on
the recent monthly average of 109,000.
Full
article here.
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INFOWARS:
BECAUSE THERE'S A WAR ON FOR YOUR MIND
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