Thursday, July 31, 2008

Nationwide wants interest rates cut

Nationwide warns of recession as house price drop doubles

Nationwide, the UK's biggest building society, warned today that a recession was now a real possibility after its monthly house price survey saw prices fall for the ninth month running during July and are now nearly 10 percent lower than a year ago.

Posted by quiet guy @ 07:44 AM (359 views)
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2 thoughts on “Nationwide wants interest rates cut

  • “.., but on average are still almost £11,000 higher than three years ago”. made me laugh. So there are 2 years worth of negative equity customers if they bought at 100% within this period. Perhaps this is a more realistic measure – as the press are homing in on.

    I think rates will come down, but this is not going to help a market where now everyone expects minimum 15% this year plus the same in 2009.

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  • I’ll summarize the article:

    “There will be a recession unless house prices start going up again MPC … “

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