UK house prices in lowest slump since 1991

Calcutta News.Net
Friday 30th May, 2008

According to UK home lenders, house prices have plummeted by 2.5% this month.

It is the biggest monthly fall since surveys on property values began in 1991.

The UK housing market is being hit hard as banks and building societies increase the cost of mortgage finance.

Average UK house price this month are down 4.4% on May last year - the biggest year-on-year drop since the early 1990s recession.

The 2.5% fall in May wiped £5000 off the average UK house price in a single month.

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