(click on the chart for a larger version of the chart).
Sometimes you need to see the numbers in a chart in order to understand what is really happening. The Halifax have just issued their index for UK house prices. With it came a barrage of percentages which claimed that house prices were still growing.
However, the chart above illustrates where house prices are heading. UK house prices peaked in July last year. Since then, house prices have fallen by 4.9 percent. In January alone, prices are down 2 percent.
The crash is here. Moreover, it is happening faster than anyone could have imagined.
The raw data can be downloaded here.