Monday, Apr 28, 2008
Yet another milestone!
The Telegraph: House prices now falling year on year
"The first evidence that the average home is worth less than it was a year ago is disclosed in a report today, sparking fears that hundreds of thousands of homeowners could be plunged into negative equity.Over the past month lenders have increased their
mortgage rates sharply to new borrowers.The average residential property is now worth £173,100 - £1,500 less than a year ago, claims Hometrack, the property research company.The 0.9 per cent slump is "highly symbolic", say industry analysts, because it is the first time since the credit crisis began that any property index has shown house prices falling on an annual basis".
Posted by onyerhike @ 07:49 AM (181 views) Add Comment
1 Comment
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1. new user 2007 said...
Is negatiive equity not a slightly different issue? It does indeed reflect the general health of the economy and housing market and so is related BUT...
...one can be in negative equity but can afford to pay their mortgage (not a problem if moving)
OR
...someone else can have 40% equity and lose their job so cannot afford to pay (a problem whether moving or not)