Thursday, Nov 29, 2007
HPC is underway
The Telegraph: House prices suffer sharpest fall since 1995
November has seen the steepest monthly fall in UK house prices for 12 years, according to the latest survey from mortgage lender Nationwide.
Posted by sold 2 rent 1 @ 07:19 AM (944 views) Add Comment
12 Comments
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1. seanb303 said...
beat you to it s2r
2. dohousescrashinthewoods said...
For me the most interesting bit of the headline is "since 1995".
The press has been diligently reporting that this time wouldn't be a repeat of the 80s/90s.
This breaks into that territory, which for my money marks a step deeper into bear country.
3. harold said...
Come on webmaster, I want an update to the graph on the homepage showing the crest of the tsunami beginning to fall - a sight to gladden the heart.
4. The Baldman said...
Does Fiona ever stop trotting out the same old rubbish. "Interest rates on the way down, shortage of supply etc........" Can someone report her to the FSA for giving financial advice she is not qualified to give.
5. little professor said...
Prices dropped by 0.8pc in November, the largest decline since June 1995, as weakening consumer sentiment, higher interest rates and the turmoil in financial markets all tightened their grip.
The November figures bolster Nationwide's warning earlier this month that the decade of rising house prices in Britain has come to an end.
6. Collywolly said...
I reckon Kirsty should be getting her hat ready.
7. talking rot said...
Sorry chaps but the decade of rising house prices hasn't come to an end yet. This report, like many others, identifies that the rate of increase in house prices has reduced and nothing more. You are assuming that a slowing rate of increase will lead to a decrease in prices. That has not happened yet. We might think it is likely that it will happen, but it is not yet a fact.
I think the most pertinent comment is by dohousescrashinthewoods who has spotted the link between "No crash like the last one" and the "since 1995."
I think it would be prudent to note the media's sentiment on house prices.
8. geed said...
fionearly said "Interest rates on the way down........"
Last time I looked interest rates were on the way up, up to 5.75%. She has now stooped to levels of blatant lying. I very much dislike this woman.
9. manjit1966 said...
Rejoice Rejoice !!! The market has turned BTLrs will need a big box of tissues or should I say toilet tissues!!
It is time to mend the social fabric of this society and make housing affordable for many more people
10. Rockandhardplace said...
THERE HAS BEEN A DECREASE IN PRICES! Not since a year ago, but since a month ago. Just because houses were cheaper than they are now a year ago (an arbitrary timeframe), this DOES NOT MEAN they have not come off from their peak (an absolute measure). This is an extraordinarily pervasive misconception. The dollar is still rising against sterling if look at the 27-year trend.
11. eyeoftheweasel said...
Hi Dohousescrash,
Just saw your comment about the press above. Actually I think the press have been right to say that this time the end to the housing bubble won't be like the 80s/90s; this time it will be far, far worse.
12. shipbuilder said...
Talking Rot, i'm not sure what you mean. House prices are falling - the average price is less than it was two months ago. Just becuase it is not less than it was a year ago, it doesn't mean that it is not falling. Yes, its not a crash, it's too early to discount seasonal trends etc, but at this moment the trend is down - there is no 'rate of increase' unless you count it anually.
A decrease in prices HAS happened - the average price is down by 0.8%. If it were a slowing rate of increase, the average price would still have increased this month, but it didn't, it went down.