House prices continue to fall in March
News Category: Industry News
Published: 28-Mar-2008
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The UK property market continued to experience a slowdown this month, with house prices falling for the fifth consecutive month.
That is according to figures published today (Friday, March 28th) by Nationwide, which indicated that the price of a typical house fell by 0.6 per cent in March.
It was also revealed that house price growth dropped to its lowest annual rate since March 1996, falling to 1.1 per cent.
Fionnuala Earley, chief economist for Nationwide, maintained that this slowdown had been caused by "a clear change in sentiment" amongst consumers since the late summer.
She went on to say: "When consumers think prices will rise there is a greater incentive to enter the market, thus supporting demand. On the other hand, if prices are expected to remain static or fall, the urgency disappears and demand will fade."
Ms Earley added that demand is likelyto "fall away" due to expectations of lower house price growth.
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