Nationwide January housing data out today

Nationwide have released their January data report today here.

The data shows a drop of 1.3% for the month with an annual change of -16.6%. House prices are now down from their peak in October 2007 of £186,044 by over £35,543 or -19.1%.

An interesting graph in this month's report on page 1 - house price to earnings ratio. This shows there is still a long way to go down to reach 'fair' value.

I have also noticed that Fionnuala Earley has not got her name on this report. I wonder if she will still entertain us on the news today.

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.