Wednesday, October 1, 2008
Did I Hear Houseprices?
The house price survey from the Nationwide building society (LSE: POB.L - news) is likely to provoke the customary bout of hand-wringing from house owners, most of whom are still living in houses that are worth more than they paid for them. Nationwide's August survey showed the first double-digit percentage monthly fall since 1990, with house prices down 10.5%. The collapse in house prices does not seem to be benefiting first time buyers much, judging by Bank of England figures for August, which showed net mortgage lending plunged to a worst ever £143m, less than 5% of the £3bn lent in July and just 2% of the figure for the same time last year.