UK
Ireland
Scotland
London
Construction News
06/01/2009
House Prices Drop By 14.7%
House prices in the UK have fallen by a staggering 14.7% according to the Nationwide.
Nationwide said prices fell by another 2.5% in December taking the average house price down to £153,048. The company said that prices have now fallen for 14 months and they are 18% lower than their peak in October 2007.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "Northern Ireland is still suffering from the largest falls in house prices in the UK. The annual rate of fall is now at 34.2%, the biggest ever annual fall recorded in the Nationwide Index.
"Turning to the other countries of the UK, Wales and Scotland outperformed the UK average both over the quarter and over the year. Scotland continues to experience the smallest falls in the UK."
Wales has preformed fairly well in the final quarter of 2008. House prices fell by 12.1% in the last year, less than the UK average of 14.7%. This was the third smallest annual fall in prices in the UK in 2008.
House prices in England fell by a seasonally adjusted 4.8% between the third and fourth quarters, leaving them 14.8% lower than this time last year.
The North continues to perform better than the South in the fourth quarter of 2008. Prices in the North fell by 13.8% while prices in the South fell by 15.4%.
(CD/KMcA)
Nationwide said prices fell by another 2.5% in December taking the average house price down to £153,048. The company said that prices have now fallen for 14 months and they are 18% lower than their peak in October 2007.
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said: "Northern Ireland is still suffering from the largest falls in house prices in the UK. The annual rate of fall is now at 34.2%, the biggest ever annual fall recorded in the Nationwide Index.
-- Advertisement --
"Turning to the other countries of the UK, Wales and Scotland outperformed the UK average both over the quarter and over the year. Scotland continues to experience the smallest falls in the UK."
Wales has preformed fairly well in the final quarter of 2008. House prices fell by 12.1% in the last year, less than the UK average of 14.7%. This was the third smallest annual fall in prices in the UK in 2008.
House prices in England fell by a seasonally adjusted 4.8% between the third and fourth quarters, leaving them 14.8% lower than this time last year.
The North continues to perform better than the South in the fourth quarter of 2008. Prices in the North fell by 13.8% while prices in the South fell by 15.4%.
(CD/KMcA)
Latest Construction News
29/01/2025
Caddick Construction has been awarded a £43 million contract to deliver the first phase of Cole Waterhouse's flagship regeneration scheme in Digbeth, Birmingham.
The project, known as Upper Trinity Street, marks a significant step in the area’s transformation.
Spanning 182,986 square feet, the re
29/01/2025
McLaren Construction has been appointed by O&H Properties to deliver the first phase of a £60 million Foster & Partners-designed development at the corner of New Bond Street and Grafton Street in London’s West End.
The seven-storey, 5,400 square metre prime retail and office scheme will feature ret
29/01/2025
GMI Construction Group has been awarded a contract to develop three high-specification warehouse units totalling over 175,000 square feet at Precedent Drive, Milton Keynes.
The £20 million project, commissioned by DV5 Last Mile Developments (UK) Ltd, a joint venture between Coltham and Delancey Re
29/01/2025
Plans for 106 sustainable new homes in Southville, a neighbourhood in South Bristol, have been approved as the city seeks to increase housing delivery to address growing demand.
Top 10 award-winning housebuilder The Hill Group will create a £60 million development on Raleigh Road, on land that was
29/01/2025
Bouygues UK has reached a major milestone in the fourth phase of the Hallsville Quarter regeneration project in Canning Town, London.
The project, part of the £3.7 billion Canning Town and Custom House Regeneration Programme, recently held a topping out ceremony, marking the completion of the 11-s
29/01/2025
Willmott Dixon Interiors is carrying out a significant upgrade to the roof of the National Maritime Museum in Greenwich, one of London's most iconic cultural landmarks.
As part of the £12 million project, the company is installing over 23,000 square feet of sun-protected glazing above the museum’s
29/01/2025
Equans has been appointed by Babergh and Mid Suffolk District Councils to carry out crucial decarbonisation work across the councils' housing stock, using funding secured through the Social Housing Decarbonisation Fund (SHDF).
The councils used the South East Consortium's Zero Carbon Framework to s
29/01/2025
In the world of construction, the quest for energy efficiency and sustainability is ever-evolving. Among the array of solutions available, EPS (Expanded Polystyrene) insulation stands out as a versatile and effective option for enhancing the thermal performance of buildings, particularly when used f
29/01/2025
BCP Council has completed significant coastal protection works at Hamworthy Park, ensuring its resilience against erosion for the next 20 years.
A 200-metre stretch of sea wall along the eastern promenade has been reinforced using low-carbon concrete, while new steps have been constructed to improv
29/01/2025
Geo-environmental consultancy and remediation contractor, The LK Group, has strengthened its team with a trio of recruits.
The multidisciplinary company's latest raft of hires comprises a new director, associate director and remediation manager.
The geo-environmental specialist, headquartered i
