Wednesday, 2 July 2008

UK Home Prices Down 6.3% in Year to June

Surprise surprise, UK home prices fell for a 6th month in a row in June. Prices fell -0.9% in June from May and are now showing a year over year decline of -6.3%.

Expect those year over year declines in home prices to exceed 10% before the year is out. For more on the state of the UK housing market take a look at this gloomy article from the UK Telegraph:

UK house prices in grip of slump that experts expect to deepen

Britain is in the grip of a housing slump as bad as at any stage since the 1970s, property experts warned, as data suggested that first time buyers had all but disappeared from the market.

Click on the link for the full story.