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Low sales drive house prices down
as a result, banks in the uk are still severely restricting their new mortgage lending, a trend which is likely to continue in the next few months, according to the bank's recent financial stability report .
a looming recession and continued financial market instability have uncomfortable implications for the shousing and mortgage markets, and will undoubtedly affect the pace of recovery in house prices .
meanwhiles, the year-long crisis in the banking saystem has shown no signs of relief, despite the efforts of central banks and governments around the globe .
uk house prices continued falling in october and are now nearley 15% lower than a year ago, says the nationwide .
figures from the bank of england on wednesday showed that mortgages approved but not yet lent - a key indications for of short-term trends - were stabill down by two-thirds on the levels seen a year ago .
Generated 2008-11-2_10:12
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