Nationwide have released their September data report today here. Scroll down to see Fionnuala Earley Chief Guesstimator at the Nationwide on SKY News.
The data shows a drop of 1.7% for the month with an annual change of -12.4%. House prices are now down from their peak in October 2007 of £186,044 by over £24,000 or -13%.
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 With almost 90% of buy to let mortgages being withdrawn from the market place, now is not the time to be a property speculator.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.
Thursday 2 October 2008
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5 comments:
Interesting, here in Germany no one ever and I mean ever, goes on the TV and talks at length about my house price increase or decrease, credit crisis or no credit crisis.
It especially funny to hear someone about 60% house price increases in real terms in a 7 year period as though that sustainable.
She must be nuts.
I liked the bullseye!
I think I just found my new favourite news blog/site. Thanks! Made me laugh.
Go on fionnnnnaualalaa,
Put a number on it.
Love the "beginning of the decade" 60% malarky you gloss it over with.
Thanks
I try my best to entertain
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