House prices falling at 1990s levels

The prices of houses in the UK are falling at their fastest rate since the early 1990s, new research has revealed.

Nationwide Building Society's survey of the housing market showed that on average British house prices fell by 2.5 per cent during the past month - the seventh consecutive month of house price falls.

Prices are now 4.4 per cent lower than at this time last year - the worst fall since the market went into meltdown in 1992.

It has recently been predicted that there will be a "correction" in Northern Ireland house prices, which rose by 36 per cent in 2006 to an average cost of around £250,000 during the summer of 2007.

Richard Ramsey from the Ulster Bank told the Irish News that property prices in the province have been "aggressively reduced".

He added that the reductions were likely to accelerate in the coming year.

Get a quote for residential property legal services