House prices 'fall 10.5% in year'

UK house prices have seen an annual double-digit fall for the first time since 1990, according to the latest survey from the Nationwide.

Prices were 10.5% lower in August than they were a year ago. Prices fell by 1.9% compared with July.

full story here - http://news.bbc.co.uk/1/hi/business/7584877.stm

speaking as a home owner, i welcome this, and hope it continues, our children cannot afford to buy a house, and thats a terrible thing.

i agree prices are far to high ,especially for youngests starting out .

I said this in another post somewhere. Saw a couple of 2 bed terraces (hope street and connaught) for £50k on rightmove the other day and these (similar in same area) were circa £70k last year.

Yippee. My council house market value is going down and with the discount will be even cheaper to buy.

AC

it's a welcome move may be it will give the economy a boost.

I give up even thinking about ever being a homeowner, I'll probably always rent, no way could we save enough for a deposit etc, and I dont see the point in maxing myself out just for the sake of a mortgage, I would have a very poor quality of life.

I think if house prices came down in the future I would consider it, but the prices would have to come down loads!