Are we heading for negative equity? I believe we have already reached this point, especially if home owners have remortgaged their houses in good times, we all enjoyed during the last decade or so.
The house price index published today by Rightmove indicates a sharp decline of 2.9% this month as home owners rush to cash in before further melt down in the housing market. This has increased the annual year-on-year change to negative 7.1% from negative 4.9% reported last month.
The full report can be accessed below: