UK House prices falling at fastest rate since records began 50 years ago

Eariler in May we reported US house prices were falling at the fastest rate since records began. Now it’s the UK’s turn :

House prices are falling at a rate not witnessed since records began in the 1950s, according to the latest report from banking giant Halifax.

Its figures show the price of the average home in Britain has plunged by £17,000 since January.

It begs the questions, how soon before it’s Australia’s turn?

» Number of homes sold falls to lowest rate since records began 30 years ago – The Daily Mail, 15th July 2008.
» Home and unit sales tumble to a nine-year low – Adelaide Now, 17th July 2008.