Friday, October 31, 2008
another take on the Nationwide figures
House prices have fallen in the past 12 months by more than the average Briton earns in a year, new figures show. The average home is now valued at £27,000 less than in October last year, while the national average salary is about £25,000. The 14.6% annual decline is the biggest since records began; the number of sales looks likely to also fall to record lows. The fall in prices has thrown nearly half a million homeowners into negative equity but there are fears that nearly two million more will suffer the same fate.