MarketWatch is reporting today that Nationwide has said that UK home prices are down a record amount.

House prices fell for the seventh consecutive month, dropping 2.5% from April, and were 4.4% lower than they were in May 2007, Nationwide said. The string of seven monthly price declines is also the longest since 1992, during the housing crash of the early 1990s.
-MarketWatch, 29 May 2008

This is the nail in the coffin for the UK. House prices are in a steep fall, reminiscent of the U.S. market. Expect major writedowns from UK banks by the Q3 reporting period in October and November if not before.

See also: Other posts under the label ‘UK.’

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