Nationwide Confirms First House Price Falls Since 1996
According to new figures from Nationwide, house price year on year in April by 1%, the first fall since 1996.Prices were down 1.1% on March prices.
To add to the housing woes, David Blanchflower, a member of the Bank of England's Monetary Policy Committee, forecast in a speech last night that house prices could drop by up to 30% over the next 2 to 3 years. He also said that without a sharp reduction in interest rates, the UK risked falling into recession.
HBOS, the UK's leading mortgage provider, also forecast yesterday that house prices will fall steadily over the next 2 years.
The Bank of England released figures yesterday showing that the number of mortgage approvals had dropped to the lowest since the Bank's records began in 1993.
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