UK prices in August by the largest decline in six years

Britain's largest real estate site Rightmove18 released on the investigation report showed that house prices in England and Wales in August housing prices down 4.8 percent for the August 2002 start of the data compiled since the largest decline.

Britain in August the average housing price for each 229,800 pounds (about 426,900 U.S. dollars), on the ring fell 2.3 percent, since last December, the highest monthly decline.

The site commercial director Xie Pu Side Myers said that as the British economic growth slowed down and loan providers continue to tighten mortgage payment, the British property market cooling rapidly. At the same time, food and energy prices also made the British families unable to increase spending.

August, the average real estate agent hands of the British unsold housing up to 78 sets record, than the one set to increase in July.

Xie Pu Side is expected this year, the British housing a 1959 turnover will be the lowest level since the British Government and the Bank of England will again have to face the grim choice of a rate cut.

British finance minister said last week that the British Government is considering to inject vitality into the real estate market measures. To this end, the market forecast the British Government is expected to cut stamp duty on house purchase. However, Xie Pu Side that short-term cut stamp duty on house purchase can not fundamentally solve the security problem of shortage of funds in the market, if the Government has not formulated a clear strategy, when revenue returned to normal after the real estate market likely to face more serious problems.