House prices fell by an average of nearly ￡40 a day in June.While the 0.9 per cent drop was far less severe than the 2.5 per cent plunge in May it is the eighth month in a row that prices have fallen.It means the average home now costs ￡172,415, http://www.classicbootshotsale.com - http://www.classicbootshotsale.com - Ugg Boots Hot Sale , according to Nationwide Building Society.That is 6.3 per cent down on a year ago and ￡13,629 - 7.3 per cent - less than when the market peaked last October.The downward trend is likely to continue as a mortgage famine makes it harder for people to move. Howard Archer, chief economist at Global Insight, says: "We expect prices to fall by 12 per cent in both 2008 and 2009 before gradually flattening out during 2010, http://www.buytiffanyonline.net - http://www.buytiffanyonline.net - www.buytiffanyonline.net ." If he is right the average price would be ￡141,003 at the end of next year. ", http://www.edhardyshopusa.net - http://www.edhardyshopusa.net - www.edhardyshopusa.net ;Furthermore," he added, http://www.salediscountbootsuk.com - http://www.salediscountbootsuk.com - Discount UGG Boots UK , "we consider the risks to these forecasts to be very much loaded to the downside, particularly if the Bank of England's next move is to raise interest rates."The data highlights the huge dilemma for the Bank of England.While it is under pressure to raise interest rates to keep the lid on inflation, the worry is that a hike will paralyse the property market.Nationwide chief economist Fionnuala Earley said: "The pace of house price falls slowed significantly in June."But it seems unlikely that there will be any rapid turnaround in the fortunes of the housing market."She stressed it was not all bad news as falling prices could help some first-time buyers - provided they are able to get a mortgage. And the recent boom means average prices are still nine per cent up on 2005, http://www.classicbootshotsale.com - http://www.classicbootshotsale.com - www.classicbootshotsale.com . The Nationwide study revealed big regional variations in prices.While prices in Northern Ireland fell by an average nine per cent in the past three months they are only down 1, http://www.salediscountbootsuk.com - http://www.salediscountbootsuk.com - UGG Mens Layback Slipper .3 per cent in south west England.
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