delusionofgrandeur

Nationwide have just released their latest figures[PDF] which show that homes on which they are lending fell at -2.5% month on month between April and May which translates now to a hefty -4.4% fall year on year.

The credit crunch is largely being blamed along with high inflation forcing the Bank of England MCP to hold or possibly increase interest rates in future.

Effectively, of the relatively small number of houses now selling, the average price at sale is dropping £165 every 24 hours as compared to £45 every 24 hours last month*

*The way this is being worked out is a bit spurious but it was a commonly touted figure when the market was climbing at ludicrous speed.

This entry was posted on Thursday, May 29th, 2008 at 12:33 pm and is filed under Credit Crunch, Economy, Fantasy House Prices, News.You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.