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Thursday, July 31, 2008

Nationwide Warning

Nationwide has warned that a recession may now be likely, as the average house price in the year to July fell to a three-year low of £169,316.

The average price of a home is now £15,000 lower than in July last year.

Nationwide state that house prices have fallen nine months in a row, and in July declined by 1.7% (in June the fall was 0.8%).

The question is what will the Bank of England do with rates this month?

There is of course a silver lining to this. Those who waited to buy a house, and did not rush into borrowing ludicrous multiples of income, are now in a much better position than a year ago.

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