British house prices dip at record annual pace: Survey

The average cost of a property in Britain fell to USD 285,755 in September.

“The higher cost and lower availability of finance resulting from the credit crunch were clearly important factors in triggering the slowdown (that began a year ago) and bringing us to where we are now,” said Fionnuala Earley, Nationwide’s chief economist.

“Although the next year or two will be difficult, over time the global economy will recover from current difficulties, helping to end the cyclical downturn in property markets,” she added.