The latest monthly figures from Nationwide are out: with an average fall in price of 1.7 per cent this September alone.
That continues the steep fall seen in August, which also saw a decline of 1.7 per cent.
The annual change over the last 12 months though, has now jumped from 10.5 per cent to 12.4 per cent. The rolling 12 month figure is, of course, only just beginning to capture the onset of the crisis in the autumn of last year. Most alarmingly:
Northern England is outperforming southern England for the first time since 2005
Indeed, house prices in the North have fallen 8.6 per cent, whereas house prices in London, for example, have fallen 9.4 per cent. Leading the collapse, though, is Northern Ireland. House prices there are down 29.8 per cent, year on year.
Herewith – courtesy of Nationwide – a UK house price retrospective in graph form:
- an ’88 peak to ’95 trough of just over – 40 per cent.
