Banks are showing large drops in House Prices whereas Land Registry price figures are showing only a small reduction

This practise by the banks has been attacked by Stuart Law, Chief Executive of Property Investment firm Assetz. He condemns the banks figures as being distorted and creating alarm in the market while they continue to profiteer from inflated mortgage products and fees. Law says, "the marginal 0.2% monthly fall in house prices, reported by the Land Registry provides a true reflection of the current housing market and is far removed from the spurious 2.5% fall suggested by Nationwide last week. The Nationwide figures are skewed based only upon it's own data while Land Registry data provides a more reliable overview of the entire market."

Law expects to see individual banks and lenders continuing to report high house price falls while the truth is much lower. While there is a reduction in house prices this needs to be accurately reported and not over-hyped by banks who have their own agenda and interests to protect.

Law also accuses the banks of profiteering. "It is the the banks profiteering which has led to purchasers trying to chip away at vendor's asking prices, in order to compensate for the additional borrowing costs they now have to endure."