LONDON (Thomson Financial) - The gloom surrounding the UK property market continued to gather in July with price falls gaining momentum, according to property website Hometrack.
It said prices dropped 1.2 percent in July from June, depressing the annual rate to show a 4.4 percent decline. In June, there were corresponding falls of 1.0 percent and 3.2 percent.
The latest annual rate is the lowest since the survey began in 2001.
Hometrack said falls were heavier in southern England. 'In London, for example, prices today are back to a level last seen in February 2007,' Richard Donnell, Hometrack's Director of Research said.
'Indicators of market activity across the housing market remain weak with the survey highlighting a 20 percent drop in demand over the last three months,' Donnell added.
Source:http://uk.biz.yahoo.com/27072008/323/uk-housing-market-continues-stumble-hometrack.html
