Nationwide Price Index
by Alex Ogilvie (28 August 2008)
House prices have fallen by a typical 10.5% over the past 12 months, reports Nationwide in their latest Houses Prices Index report. The average house price is now reported at around £164,000 - an average price last seen in February 2006. But the more significant statistic is that house prices have not fallen as quickly since 1990.
The report does try and offer some scope for optimism. The Nationwide believe the next move in interests will be down - though fail to predict just when. And they also report increased activity at Estate Agents as bargain hunters get flushed out - though again with loan to value ratios being the way they are (ie deposit levels) converting that interest to business is not something being seen.
For
first time buyers it's a frustration that as prices fall, deposits have increased. And for the
self employed mortgage seeker the frustration must be that as prices fall likely business opportuntiy is also falling. So opportunties perhaps - but as always cash is king.