U.K. September Nationwide house prices fell 1.7% m/m and 12.4% y/y, compared to a market median for -1.8% and -12.1% respectively and after falls of 1.7% m/m (revised from -1.9%) and 10.5% y/y in August. This was the weakest annual reading since the series began in 1991. Data hence continue to highlight the dire state of the U.K. housing market. And with the recent intensification of the credit crisis, mortgage lending is likely to remain very low, adding downward pressure to house prices.
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