Business Services Industry
Britain's housing boom is over, Nationwide economists say.
Knight Ridder/Tribune Business News, September, 2004
By Jane Padgham, Evening Standard, London Knight Ridder/Tribune Business News
Sep. 1--The strongest evidence yet that the housing boom is over came today from Britain's biggest building society.
Nationwide said the average cost of a home rose 0.1 percent to UKpound 153,743 in August, the smallest increase since October 2001. The year-on-year rate of increase slowed from 20.3 percent to 18.9 percent.
Nationwide group economist Alex Bannister said: "The weight of evidence suggests that housing market activity has slowed more markedly than price growth. Bank of England data shows that the number of house purchase mortgage approvals in July fell to the lowest level since the end of the Iraq conflict. We expect data for August to show a...
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