Breaking all past trends of the last 15 years, house prices have recorded the sharpest annual decline. The news has let loose speculation of an intense downturn, as about 25000 persons were done in by bad debt during the first quarter.

London(Online-unsecured-loans)May05, 2008: House prices have witnessed the sharpest decline since 1993. This precarious turn in the housing sector has aggravated the problems faced by the ruling Labour Party, as Prime Minister Gordon Brown's government faces defeat in the local elections. In the eventuality of many companies' reputation going haywire, the government now has to win back the voters' confidence for the national elections due in May, 2010.

"This is a dark cloud that is getting ever darker for the economy," Alan Clarke, BNP Paribas' leading economist warned. According to the expert it was the largest annual decline since 1993.

A senior policy-maker at the Bank of England had earlier warned that the prices were expected to fall by one-third. The prices have already come down by 5% from August, 2008 peak averaging around 199600 pounds.

According to the HBOS sources, monthly prices fell by 1.3% to £189027 in the month gone by. Past three months have witnessed a regular decline in the prices.

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