Credit crunch hits home 

Nationwide announces fall in house prices for the fifth month

 

With the housing market looking bleak, Swindon-based building society Nationwide has taken precautions to deal with the vulnerable market.

 

The long and winding road: property market has reached its lowest point in 12 years

 

Falling by almost 3 per cent over the past five months, house prices have achieved a 12-year low - and just last week, Britain's second-biggest lender announced plans to increase their mortgage rates.

 

This could mean only the most creditworthy people will be able to afford a mortgage, although Nationwide say they made the decision because they couldn't risk taking on many more new customers.

 

But it's not all bad news for local residents.

 

In a survey published last week by Endsleigh Insurers, Swindon was amongst the highest ranked for its impressively low figures on theft, in comparison to others across the country.