UK house prices fell by the highest annual rate in a quarter of a century as pressure on household incomes and dwindling availability of mortgage finance hammer property markets.
In August, house prices fell again, this time by 1.8 per cent to bring the annual decline to 10.9 per cent.
The average UK house price now sits at £174,178 (A$375,986).
The news follows Chancellor Alistair Darling’s bleak admission last week that Britain was facing the greatest economic downturn in 60 years.
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