Monday, Jun 30, 2008
Why not "turn on, tune in, drop out...."
Firstrung: UK house prices fall for ninth consecutive month as house transactions begin to slump to 1970 levels
UK house prices have fallen for the ninth month in a row during June, to cost 3.2% less than they did a year earlier, figures released from today Hometrack have shown...The number of homes selling is now on target to slump to levels last seen in the 1970s as the credit crunch continues to take its toll on the market, the property information grouphas stated. The group said the average home in England and Wales lost a further 1% of its value during June to cost £170,500. Richard Donnell, Hometrack's director of research, said new buyer registrations were now down by 5.7 percent in June alone and have fallen by more than 50 percent since the credit squeeze began last August.
Posted by converted lurker @ 09:49 AM (389 views) Add Comment
2 Comments
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1. cyril said...
This doesn't seem to correspond with the graphs shown on Hometrack' website which are still showing positive year on year inflation (although the trend is going negative soon).
By the way, the grahs are quite good and paint a slightly different picture than the one in the media. The big problem to me seems to be affordability, which is back at 1990 levels. The other stats such as housing completions haven't changed much. Maybe the data is out of date?
2. Prof said...
According to Hometrack 12 months ago, pre credit crunch, a property that sold for £200,000 would now sell for about £193,000. Mmmmm, I find that hard to believe. I can`t remember the exact figure, but I`m sure that most mortgages, fixed or otherwise, were at a lower interest rates than they are now. Fuel and food were also a fair bit cheaper. If I remember correctly, the media were still pumping out "good" news about house prices. Things are much different now, yet the message given out by Hometrack is that property prices are only down by 3.2%, which only reverses 2 months rises during the "boom". This data doesn`t seem right to me.