House prices tumble 10.5% in a year
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Posted: 29th Aug 2008
In the last 12 months homeowners have seen house prices fall by 10.5 per cent, new figures show.
Data released by Nationwide Building Society says that the price of an average UK home has seen the biggest drop since the last six months of 1990.
Up to £20,000 has been wiped from the value of the average property, leaving it standing at £164,654.
Fionnuala Earley, Nationwide's chief economist, said: "Recent activity levels in the housing market have been very subdued.
"Housebuilders, in particular, have been reporting significant reductions in site visits and reservations of new properties since this time last year in spite of a big increase in the use of sales incentives."
Earlier this week, the Council of Mortgage Lenders called on the government to take immediate action to try to help people with mortgage repayments.
It suggested that mortgage rescue schemes need to be more easily available to borrowers who are spiralling into debt. 
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