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UK House Price Crash – 2007/08

Notes

Below is a graph/data showing how the UK average house price declined in the 2007, which ultimately lead to a housing crash.

Cause: The housing crash was part of a larger global financial crisis that began in the United States in 2007, triggered by the collapse of the US housing market, which was fuelled by high-risk mortgaging lending (subprime lending).

From the peak to the bottom, there was an approximate fall of 25% (similar to the previous UK housing crash in the early 90’s). Note, the house price data is not adjusted for inflation.

The data is taken from Nationwide house price index, which is based on the mortgages they give to home-buyers.

UK 90's House Price Crash Overview
Hightest price£184,131 (Jul 2007)
Lowest price£147,746 (Feb 2009)
Biggest monthly drop 3.51 / £5,782 (Oct 2008)
From high to low 24.63%
MonthAverage House Price (£)Change (%)
Jan 2007175,554 0.00
Feb 2007175,554 0.00
Mar 2007175,554 0.00
Apr 2007181,810 3.44
May 2007181,810 0.00
Jun 2007181,810 0.00
Jul 2007184,131 1.26
Aug 2007183,898 0.13
Sep 2007184,131 0.13
Oct 2007183,959 0.09
Nov 2007183,959 0.00
Dec 2007183,959 0.00
Jan 2008180,473 1.93
Feb 2008179,358 0.62
Mar 2008179,110 0.14
Apr 2008178,555 0.31
May 2008173,583 2.86
Jun 2008172,415 0.68
Jul 2008169,316 1.83
Aug 2008164,654 2.83
Sep 2008164,654 0.00
Oct 2008158,872 3.64
Nov 2008158,442 0.27
Dec 2008153,048 3.52
Jan 2009150,501 1.69
Feb 2009147,746 1.86
Mar 2009150,946 2.12
Apr 2009151,861 0.60
May 2009154,016 1.40
Jun 2009156,442 1.55
Jul 2009158,871 1.53
Aug 2009160,224 0.84
Sep 2009161,816 0.98
Oct 2009162,038 0.14
Nov 2009162,764 0.45
Dec 2009162,103 0.41

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