Thursday, May 29, 2008
Factors will make this slump far worse than 1992......
Times Online: House prices fall at fastest rate for 17 years
''...The slump in Britain's house prices accelerated in May to the fastest level since the Nationwide began records 17 years ago. The price of an average house fell 2.5 per cent in the month, making the seventh consecutive monthly fall in prices, the longest downward slope since the housing recession of 1992...''
Posted by hpwatcher @ 08:20 AM (424 views) Add Comment
3 Comments
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1. letthemfall said...
"Fionnuala Earley, the Nationwide's chief economist said that it should be borne in mind that rising house prices up until last year means that even now prices are still 5 per cent higher than two years ago and 10 per cent higher than three years ago."
Another statement of the bleedin' obvious from Ms Earley. Is she saying that prices will fall much more, or, don't worry, prices always go up. Where would our economy be without people like her?
2. wiltshire said...
If she's not careful she's going to quickly run out of 'good times' to compare against! By December she'll be reporting that though house prices have fallen 20+% during 2008 they are still tuppence ha'penny more than they were in 1998.
3. icarus said...
She needs to report good news - house prices up (compared with 2005) - to keep your spirits up. And she needs to report bad news - house prices down (compared with a few months ago) - to nudge the MPC into cutting rates, Does she know that the MPC's job is to control inflation?