Sunday, September 21, 2008
The word crash instead of crunch at last
The crash in house prices is now the worst ever in Britain. HBOS, which has just been taken over by Lloyds TSB, will publish figures next month showing that the decline from last year's peak now exceeds the fall during the 1990s. From the top of the market in May 1989 to the bottom in February 1992, the bank's seasonally adjusted index of prices fell by 13.1 per cent. That fall has already been exceeded since the market peaked last August.