Friday, November 20, 2009
Nationwide BS results and latest house price forecast
Nationwide Building Society has reported a big slump in profits and delivered a gloomy forecast for the UK economy and the housing market. Pre-tax profits for the six months to the end of September were Â£143m, down 62% on the Â£374m reported a year ago. The company blamed low interest rates and the "dramatic fall" in commercial property prices for the slump. It also said the recovery would be slow and rising unemployment would put downward pressure on house prices.