RICS: Nationwide April house price figures

The latest figures by Nationwide Building Society confirms the softer tone to the residential property market, Simon Rubinsohn, RICS chief economist comments: The scaling back of loan to value ratio by lenders is depressing turnover in the market and is making it particularly difficult for first time buyers to take their first step on to the property ladder. However, the level of buyer enquiries is still more consistent with the 2004/ 2005 experience rather than the collapse in the market in the early 1990s. This suggests that any easing in the credit crunch perhaps link to the Bank of England Special Liquidity Scheme could provoke a modest pick up in activity in the market in the second half of the year.