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UK house prices dropped by a considerable 2.5 per cent in May – the largest monthly fall in the history of Nationwide Building Society’s monthly house price index.
According to figures released by the building society overnight, the average house price now sits at £173,538 ($A358,502), 4.4 per cent down on May 2007.
Nationwide’s chief economist Fionnuala Earley dismissed concerns about the price drop; she said it wasn’t unexpected and that recent falls had “simply eroded some of the large gains that were made over the last few years”.
Published: 30-05-08
