I like the way that the Nationwide tries to portray a fall in prices as a slowing down in growth. It's nothing of the kind and the only reason that prices haven't headed further south as yet is because sellers are still largely not prepared the facts.

These are that the affordability ratio is 9-1 against a historical average of 4.5-1 and that UK personal debt (of which some 82% is for mortgages) is standing at 101% of GDP. If a business went to talk to its bank with a debt to revenue ratio like that in the locker, they'd be calling in the receivers.

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