House prices have been falling steadily for three years now, but recent studies now show that they are expected to dip even further as the double-dip recession comes to light.
Building society Nationwide published its most recent figures on August 1. The report showed that the average value of a home has dropped by 2.6% in just one year.
Past records show that this is the biggest annual fall in the prices since August 2009, and that it followed a consistent dropping trend every month since December, with the exception of February. In the past month, the average home lost 0.7% of its value.
Robert Gardner, chief economist at Nationwide, blamed the drop on ‘the disappointing performance of the wider economy’.
Sure enough, last month saw Britain in its deepest economic downturn in history, and now new reports are claiming that the Olympics is adding to the country’s economic problems instead of helping boost its financial standing.
Although Nationwide did not forecast the continuous fall of house prices, economists’ bleak forecasts for the future of British economy makes it clear that house prices are not going to get any better anytime soon. Capital Economics, a consultancy firm, said through Matthew Pointon that house prices are likely to ‘remain under pressure’ and that this is expected to go on ‘for the rest of the year’.
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