The Nationwide House Price Index recorded its 15th straight monthly fall after prices slid 1.3% in January, while the UK Land Registry’s House Price Index for December recorded a drop of 2.0%. The Land Registry also revised the drop in November to 2.1% from an estimated 1.9%.
Yesterday’s figures bring the year-on-year drop in the Nationwide Index to 16.6%, against a decline of 15.9% in the year to December, while the Land Registry Index shows a drop of 13.5%. As measured by the Nationwide Index, a series that has recorded monthly movements since 1991, more than four years of house price equity have been wiped out. House prices are 19.1% down from their peak in October 2007.
Financial Times, The Times, The Guardian