Friday, Aug 29, 2008
Bear food for the man in the street
The Sun: House price fall fastest for 18yrs
HOUSE prices are falling at the fastest rate for 18 years, it was revealed yesterday.
They tumbled another 1.9 per cent this month.
And that took the annual rate of decline to 10.5 per cent — not seen since the 1990 property crash.
The drop was revealed as a CBI survey showed high streets are suffering their worst sales slowdown for a quarter of a century.
House prices have now fallen for ten months in a row.
And Nationwide’s chief economist Fionnuala Earley warned a recovery was unlikely in the near future.
She said builders had reported much lower interest in new houses.
Posted by housebear @ 08:57 AM (480 views) Add Comment
4 Comments
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1. mark wadsworth said...
What's with this 'fastest for 18 years' nonsense?
The fall Sept 07 to Aug 08 is 10.9% according to Nationwide August report.
If you look at Nationwide's nominal prices since 1952 series here, the previous fastest fall was only 10.7% in late 1990.
So, seeing as inflation is now probably lower than it was then, this is probably the fastest fall EVER.
2. Jayk said...
This is the Nationwide figures story which has already been posted about a dozen times in 24 hours. Must we read the same thing over and over again?
3. jack c said...
@Jayk - agree, variation on the Nationwide figures/theme but the importance of this one is that it's now in The Sun. A very wise man once told me "if it's in The Sun it must be true" (LOL)
4. Jayk said...
@ Jack,
The other one is The Sun as an indicator of significance:
"If it knocks Posh/Amy/Lindsey off the front page of The Sun, it MUST be a big deal!"