UK house prices join the Case Shiller type helter skelter. The Nationwide index , produced by the largest mutual lender, is widely respected and measures mix and seasonally adjusted average prices of property at time of mortgage application. The index does no purport to cover property without without mortgage.

May was 2.5 % below April and 6.7% off the Oct 07 top. More expensive mortgages with tougher terms are the primary reason for the sudden worsening of the market. There is no Aunt Sallie so the credit squeeze has had no relief directly or indirectly from government over here.