Nationwide December housing data out today

Nationwide have released their December data report today here.

The data shows a drop of 2.5% for the month with an annual change of -15.9%. House prices are now down from their peak in October 2007 of £186,044 by over £32,996 or -17.7%.

Nationwide continue to peddle the line that house prices are higher than x years ago, where x becomes longer ago, the more prices fall.

An interesting line in this month's report - continuing uncertainty means forecasts can be misleading. I bet that does not stop Fionnuala Earley from making some forecasts though.

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.

Now that Gordon Brown's time is almost up, maybe the authorities will never again mistake a boom for stability.