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Struggling mortgage holders `should seek advice` Remortgage enquiries `rise in June` Mortgage approvals `up in June` UK mortgage market remains weak, CML says Consumers `should avoid lying on mortgage applications` BoE releases Trends in Lending report Brits `prioritising debt repayment` "Sensible lending" needs to be restored for home buying Many households `to miss mortgage payments` Homeowners `increasingly paying off mortgage debt` Booklet produced for those facing mortgage repayment problems Local authority defends decision to offer 100% mortgages Mortgage lending levels `still low` CML welcomes campaign on repossessions Consumers `increasingly offsetting savings against mortgages` Banks `should be encouraged to provide more mortgages` Younger and richer people `benefiting more from mortgage reductions` Bank of England cuts base rate Negative equity `concerning UK mortgage holders` Interest rate cuts `were not anticipated by consumers`

House prices `suffer` in financial instability

31/08/2007

The average price of a house in the UK has fallen slightly due to uncertainty in the financial markets, according to new figures released today.

Figures from the Nationwide House Price Report now show that the average UK home in August now costs £183,898.

The slight dip, down from £184,270 in July, comes amid growing financial volatility affecting international markets. However, the August figure is still £16,177 higher than the same month a year ago.

Fionnuala Earley, Nationwide`s chief economist, said: "While it has taken some time for these factors to bite, there are now clearer signs of slower demand in the market reflected in the collapse in new buyer enquiries."

Earlier this month, the Bank of England held interest rates at 5.75 per cent, partly to ease the pressures on the housing market. The Bank`s next interest rate decision will be taken on September 6th.

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