UK House Prices Drop Most Since 1990 - Nationwide

UK house prices posted the biggest annual decline in almost two decades in August the Nationwide Building Society said today.

The average house value dropped 10.5 percent to 164,654 pounds, the biggest drop since the final quarter of 1990, Britain's fourth-biggest mortgage lender said. On the month, prices fell 1.9 percent, compared with 1.5 percent in July.

The fastest inflation in more than a decade, a stagnant economy and the rationing of mortgages by banks have sparked the worst property slump since the last recession in the early 1990s.