From This is Money:
The average price has fallen by 10.5% over the past 12 months, wiping about £30,000 off the value of a typical London home, according to the Nationwide building society.
The last time that house price falls were measured in double digits was in the autumn of 1990 during the depths of the last recession, when it took six years for values to recover. The figures confirm there is still no sign of an easing of the credit crunch almost a year on from the collapse of Northern Rock. A leading City forecaster is now predicting a full-blown recession for the British economy next year.
Capital Economics said GDP will fall by 0.2%, which would be the first full-year drop in national income since 1991. Officially, the Government is still predicting growth of at least 2.25% next year.
Another bleak set of financial results from leading companies this morning added to the growing mood of gloom as the City continued its return to work after the summer break.
Property agents and consult…