Property prices fall for 12 months in a row

Property prices in the UK have fallen for 12 consecutive months, according to new statistics.

Data from Nationwide''s monthly house price index shows that the average price of a home was £152,872 in October, down from £161,797 in September.

This represents a price drop of 1.4 per cent in the past month.

Nationwide''s chief economist Finnuala Earley notes that this is almost a £30,000 drop from a year ago.

"House prices in the UK fell for the twelfth consecutive month in October. The price of a typical house is now 14.6 per cent lower than at this time last year, the peak of the market," she adds.

Meanwhile, the Land Registry''s house price index highlights an eight per cent drop in house prices over the past 12 months, placing the average value of a property in the UK at £168,814.

The body''s report claims that every region in England and Wales has experienced a decrease in average property values.

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