Nationwide have released their October data report today here.
The data shows a drop of 1.4% for the month with an annual change of -14.64%. House prices are now down from their peak in October 2007 of £186,044 by over £27,000 or -14.6%.
Good news for first time buyers looking to enter the market as house prices become more affordable. Not so good news for those who overstretched themselves and jumped on the property bandwagon in the last few years.
Dreadful news for all those property speculators who bought second and third properties. Tough. Serves them right for taking property off the market and forcing up prices for first time buyers. With almost 90% of buy to let mortgages being withdrawn from the market place and the government consulting on new landlord rules, now is not the time to be a property speculator.
Maybe Gordon Brown will now pay attention to speculative bubbles and act sooner to prevent them expanding rather than dithering around watching them BOOM and then BUST.