UK House prices face a plunge of 10.5%

UK House prices face a plunge of 10.5%

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It’s official – according to Nationwide Building Society, the average cost of homes in the UK have plunged by 10.5% within the last 12 months to the end of August

UK housing is currently facing trying times as house prices fall at their fastest rate in 18 years. The rate has been at its fastest this month (August 2008) recording a drop by 1.9 per cent, following drops of 1.5 per cent and 0.9 per cent in July and June respectively.

All this is in the midst of Taylor Wimpey’s massive £1.5 billion loss and two-thirds loss of their stock value.

Is this going to hamper or encourage overseas property investment by Brits?