FXstreet.com (Barcelona) - December Nationwide data has confirmed that 2008 has been a difficult year for the Britain housing market, with the Dec monthly and annual rates has fallen more than market expectations due to tight credit conditions and economic recession, according to data published by the Nationwide Building Society.

Housing prices has fallen 2.5% between November and December, a bigger drop than 1.5% contraction expected by market. November's data was a decrease of 0.4% respect to previous month.

On the annual basis, housing prices has posted the biggest drop since 1991 with a 15.9% YoY decrease in December, a faster pace than 13.9% drop posted in November. Market expected a 14.7% contraction in housing prices in December.