House prices dip 10.5% in 12 months

Annual house price falls hit double digits during August for the first time in nearly two decades, figures showed.

The average UK property has lost 10.5% of its value during the past 12 months, the biggest drop since the final quarter of 1990, when the market was in the grips of the last house price crash, according to Nationwide Building Society.

Prices fell for the 10th month in a row during August as potential buyers continued to shun property in the face of the market downturn and the mortgage drought.

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