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Nationwide reports further house price fall

The Nationwide has revealed that house prices in the UK fell by 1.7 percent in September alone which brings the annual fall to 12.4 percent. This latest monthly fall is the largest on record and signals the start of another serious downward spiral for the industry. Finance is scarce, buyers are even scarcer and sellers are coming out in their droves looking to sell at almost any price!

The comparison with this time last year - even though the credit crunch had started to hit - could not be more marked. After a period when some had actually suspected that the property market would be supported to a certain extent it has spiralled downwards with eleven consecutive down months. Fewer homes are changing hands that ever before, estate agents are literally sitting on their hands and the banks have all but shut up shop unless you can put down a substantial deposit.

The UK government is again under serious pressure to come to the rescue but until such events as the much rumoured US bailout are clarified there seems little likelihood of serious movement on this front. As we have pointed out on a number of occasions, the US is the key to recovery in the worldwide economy.

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