Thursday, October 2, 2008

The Nationwide September figures are out!

UK house prices 'continue fall'

UK house prices have fallen for an 11th consecutive month, dropping by 1.7% in September, according to the Nationwide. The lender recorded a 12.4% annual drop in prices, pushing the cost of the average UK home down to £161,797, more than £20,000 less than a year ago. Nationwide said the pace of house price falls had stabilised, but warned the next year or two would be "difficult". House prices were down year-on-year across the UK, with southern England suffering worse than the north.

Posted by mark wadsworth @ 07:30 AM (674 views)
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5 thoughts on “The Nationwide September figures are out!

  • matt_the_hat says:

    To levelling out – please rotate 45 degrees anti-clockwise

    graphics or links details

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  • So, a year ago they were still predicting that everything would be fine, and yet a year on we see a 12.4% decline in just 11 months. Now their prediction is that things will be “tough” (presumably more than 12.4% falls?) for the next year or two. I reckon that makes at least a 40% decline in total. Now we just need the estate agents – desperate for any kind of completed sale – and therefore commission – to start driving down prices. The sooner we hit bottom, the sooner we can all get on with our lives.

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  • Lukeskywalker says:

    FT: The latest drop marks the eleventh consecutive monthly drop in house prices, but economists at Nationwide took comfort from the fact that the rate at which prices are falling appears no greater than that in recent months.

    “The monthly rate of fall has barely changed for the last three months, after accelerating in the first half of the year,” said Fionnuala Earley, chief economist at Nationwide.

    “And as its not getting any steeper than its current record rate of decline, I should make bonus again this year, ya ha.” she added.

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  • Lukeskywalker says:

    “the sooner we can all get on with our lives” – exactly.

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  • and there will be no economic recovery until house prices have bottomed out so a short sharp crash is for the best for us all.

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