Average house price in England and Wales I was talking about. Building land is being sold at firesale prices by most developers. Brickies day rates half halved since Spring, roofers are desperate etc etc. Regardless of which that price is only winding back to April 2002 prices.
A five year retrenchment last time and this time looks like this:
July '84 £75,610 (60 months) July '89 £117,579 = of peak 64.3%
April '02 £127,758 (63 months) July '07 £193,153 = of peak 66.1%
The 3 months difference is just where I happen to have the data to hand. those are inflation adjusted figures from Nationwide PLc. I actually expect this crash to be worse as the leverage is higher, the price/income ratio higher and the BTL phenomena a new and destablising element.
The recession won't end until some time after houses have stopped dropping in cost.
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