British house prices to a maximum of seven years of decline

The London-based real estate research institutions HOMETRACK27 issued reports that in July the British average price of housing a year-on-year decline in most of the past seven years, and the momentum of decline may continue for several months.

The report showed that, in July in England and Wales average price of single-housing units than the same period last year fell 4.4 percent to 168,500 pounds (about 336,000 U.S. dollars), or higher than June's 1.2 percent, the statistics began in HOMETRACK2001 Since the biggest monthly decline.

HOMETRACK Research Officer Richard Tangnai pointed out that given the current housing market uncertainties facing the short term is unlikely to disappear, the transaction is expected to remain restrained, the downward pressure on prices will continue until this fall.

The loan-to-the United States after the outbreak of the crisis, the British credit markets also be affected, banks generally raised mortgage rates and tight credit, leading to the housing market were hit. Bank of England recently said that the British housing market fell momentum "is being accelerated."