As we know things are starting to get bad for home owners across the UK and figures from Nationwide show that house prices have fallen 2.5% in May alone making it the biggest monthly fall ever recorded. This is the biggest annual decline since December 1992 when house prices were falling at an annual rate of 6.3%.

It’s said that the typical house has lost almost £5,000 in value over the month, leaving average prices 4.4% lower than a year ago. This has come as the fears over the economy grow with fuel, food and energy prices all soaring to high levels.

Fionnuala Earley who is the Nationwide’s chief economist said that “The pace of house price falls accelerated in May as more weak economic news added to the gathering momentum of negative sentiment about the housing market.”

Apparently would-be borrowers have been struggling to find mortgages following the credit crunch.

With the cost of living going up and the wages staying the same things are not looking good and many people are going to be loosing their jobs and even their homes unless something is done to stop this.

Over the coming months I can see a number of strikes happening across the UK just like the fuel convoy that headed to No.10 this week.

What do you make of all this? Have you been affected by the Credit Crunch?

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