Sharpest Annual Drop for U.K. Home Prices in 15 Years
- Jun 05, 2008
Edinburgh–U.K. home prices showed their most severe annual decline in 15 years, according to a new survey from Edinburgh-based Halifax, which is the nation’s biggest mortgage lender.The median home price dropped 2.4 percent in May. Prices are down 3.8 percent compared to the same period in 2007, the Telegraph said.The decline in home prices–along with the fact the government hasn’t given itself much space to cut taxes–has created an unsteady forecast for the British economy. On Wednesday, the Organization for Economic Co-operation and Development said that the U.K. could be vulnerable to the worst economic decline since the 1990s.