Saturday 29 March 2008

More Bleak News for UK Property Owners

The UK's biggest building society Nationwide says house prices are now going up by just 1.1 per cent a year - the slowest pace of growth for 12 years.

The mortgage giant also warns that property values could fall by as much as 5 per cent this year.

And despite the Bank of England cutting the base rate of interest to 5.25 per cent in February, the Nationwide, along with mortgage lenders owned by rivals Halifax and Lloyds TSB, are raising interest rates on some of their most popular deals.

See the full blog here on Sky.


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