12% annual house price fall as slump continues

HOUSE prices have fallen more than 5% since the start of the year and more than 12% in 12 months, with experts saying there is no end in sight to falling values.

A lack of buyer credit being made available to potential buyers and rising interest rates and unemployment have all been cited as downward forces on prices.

The news comes with the European Central Bank about to indicate it could raise interest rates again as early as next month.