Monday, Oct 29, 2007
Hometrack survey shows prices down 0.1%
Daily Mail: House prices fall for the first time in 2 years
After 2 months of stagnation, house prices fell by 0.1% during October as higher interest rates and falling confidence continued to impact on the market, Hometrack said.
House prices fell by between 0.1% and 0.2% across all regions of England and Wales except the West Midlands, where values remained unchanged. Only 1.3% of postcode areas showed price rises. The biggest were seen in London and the South East.
A spokesman described the falls as not unexpected, but said further falls would be limited due to a shortage of homes being put up for sale.
Posted by little professor @ 12:40 AM (363 views) Add Comment
4 Comments
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1. Davros said...
Boo hoo.
2. Jonathan said...
"..further falls would be limited due to a shortage of homes being put up for sale" Why do they keep coming back to that? Wait till the panic sets in and we'll see if there's a shortage of homes for sale! Sorry, homes UNSOLD (and stacking up waiting for the prices to drop and dust to settle).
3. Ticktock said...
The return of the old 0.1% figure! We'll be seeing much more of our old friend 0.1% in the future I imagine.
.....i.e.NEWS - House price inflation is now slowing at a seasonally adjusted average ratio of 0.1% per second ushering in a great buying opportunity for long suffering first time buyers. 'Theres never been a better time to buy' exclaimed an Estate Agent, and his comments were echoed by a Bank that stated ' Theres never been a better time to borrow money either'. Both the Estate Agent and The Bank had gained confidence from last weeks news from the City that UK equities represented good value for money and would continue to rise for ever. Further good news came from the building industry whose own recent survey found the that on a seasonally adjusted historical ratio of good to bad, that buying a new build flat today would be a 98.87% 'good decision' . It's a 'no brainer' the builder exclaimed.
4. Wilee said...
...and don't forget the time lag factor. Today's reports of falling prices and mortgage applications are probably reflecting what's actually been happening for the last quarter.