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Nationwide warns of falling house prices

Wednesday, 24 November 2010 5:24 PM

The cost of buying a property in Britain is set to decrease, as UK house prices continue to decline in the near future, the Nationwide building society has said.

According to the mortgage lender, potential buyers are being deterred by the current uncertainty surrounding government cuts to public spending.

It went on to say, however, that price falls would not be as great as those seen in 2008, due to low interest rates, which it claimed would restrict mortgage arrears and repossessions.

"In the housing market, conditions have weakened noticeably over the last six months, with both a decline in buyer demand and a modest downward trend in house prices," explained Graham Beale, Nationwide's chief executive.

Meanwhile, the British Bankers' Association has this week revealed that UK mortgage approvals have slumped to a 19-month low.

According to the group's latest figures, a total of 30,776 home loans were approved last month - down more than 25 per cent from October 2009.

Economists have suggested that, with housing market activity running at such a low, the UK could see property prices fall further in the coming year.
 

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