The property market is due to suffer its worst year since the mid-1990s as houses fall in value across the country, Britain's biggest building society gives warning today, The Times reports.
Nationwide said that house price inflation would collapse from 9.7% at present to precisely 0% next year - below the expected inflation rate of around 2%, meaning that prices will fall in real terms. Prices would decline across much of England, but Scotland would have a relatively stable period of modest price rises, Nationwide said. Its annual forecast for 2008 shows prices declining by 2% in the North and the North West and by as much as 5% in Northern Ireland. BARCLAYS HAS WRITTEN OFF £1.7bn on sub-prime mortgages and buyout loans in the past four months, the bank disclosed yesterd...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes