December 15, 2008 / 12:17 AM / 11 years ago

House prices down 6.3 pct year on year in Dec

LONDON (Reuters) - Asking prices for homes fell in December to stand more than 10 percent below May’s peak, a survey showed on Monday.

Property website Rightmove said asking prices fell an unadjusted 2.3 percent this month to 217,808 pounds, after November’s 2.9 percent fall.

The annual rate improved slightly to show prices down 6.3 percent in December, compared with 7.1 percent in November.

“Initial asking prices are now an average of 10.2 percent below the peak they hit in May of this year,” Rightmove said in a statement, predicting asking prices could bottom out a further 10 percent down by the end of 2009.

The housing market has taken a battering this year as the credit crunch squeezed bank lending and spread through the broader economy.

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