Mortgage Lending Hits 10 Year Low

The latest negative news on the housing market comes from the Council of Mortgage Lenders (CML) today.

Their report on mortgage lending for August shows that only 45,000 new home loan approvals were made during the month by the UK's six largest lenders (Santander, HSBC, Barclays, RBS, Nationwide and Lloyds).

This represents a fall of 2,000 from the July figure.

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Average cost of a home down again

What's the average value of a home here in the UK? According to Rightmove, the popular property website, it now stands at £229,767. That's a dip of just over 1% in the past five weeks.

The annual rate of house price inflation is now at just 2.6% (having fallen from 4.3% five weeks ago).

Less property was coming on to the market too, although many estate agents have high property levels on their books at present.

Nationwide House Prices: August 2010

New figures are out from Nationwide.

Headlines for August: house prices fell 0.9%. The annual rate of change stands at 3.9%.

The average UK property is now worth £166,507.

Nationwide Figures: September 2008

The average house price, according to Nationwide, is now £161,797.

Prices have fallen 1.7% in the last month. They are down 12.4% in the last year.

Nationwide Figures: August 2008

The average house price has now dipped to £164,654. Down 2% this month and 10.5% this year.

Nationwide Figures: July 2008

Prices have dipped still further - down 1.9% to £169,316.

Taking the last year as a whole, prices are down 8.1%.