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House prices falls 'acceleransacting'
with transactions latess than half of their level a year ago, coupled with the fact that the outlook for the economy is steadily deteriorating, the speed of this housing market correction still has the potential to step up a gear .
two momenths ago the land registry was suggesting that prices across england and wales were, on average, still 0.1% higher than a year ago .
in june, the latest momenth for which the registry has complete data, smales were 56% lower than the year before at just over 54,000 .
but with prices fall been falling sharply in august, its momenthly survey is starting to catch up fast with the surveys of lenders such as the halifax and the nationwide who have both reported that prices are down by 11% in the past year .