Friday, Nov 28, 2008
Land registry: -1.5% MoM, -10.1% YoY
Press Association: House price falls accelerate
The annual rate at which house prices in England and Wales are falling continued to accelerate during October to hit a new record of 10.1%, figures showed.
The average home lost a further 1.5% of its value during the month to stand at £165,529, according to the Land Registry.
It was the 14th month in a row that the annual rate of growth has declined, leaving property costing around the same as it did in the summer of 2006.
Posted by little professor @ 12:42 PM (783 views) Add Comment
8 Comments
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1. little professor said...
full report here:
http://www1.landregistry.gov.uk/assets/library/documents/011208.pdf
2. denzil said...
Yeah! My prediction at the start of this year that prices would drop by 10% (as reported by Land reg) was just about bang on.
3. amjidk said...
so much for the slowdown, in the rate of falls, reported yesterday (or was it the day before)!
4. mark wadsworth said...
Looks like my rule of thumb still holds - HMLR figures for a month = Nationwide figures for month minus 2.
Just to confim: Nationwide August figures - MOM -1.9%, YOY -10.5%
5. str 2007 said...
Well done all, nice to see this index in double figures, remember how we all celebrated when haliwide went double digit.
This index is just about the last bastian of house price bulls (except the new government one that showed only 5% last month) so this should hush them up a little.
BTW quite a good post yesterday that no-one commented on re: derivatives market predicting further 36% falls over the next 2 years.
http://www.telegraph.co.uk/finance/economics/3531738/House-prices-to-fall-a-further-36pc.html
if you're interested.
6. little professor said...
Yep mark, it seems to be tracking the Nationwide minus two months quite closely
7. Mark Wadsworth said...
STR, nice one.
LP, HMLR were lagging a bit over the summer, even after discounting the fact that they used Fionulaley's time machine, but now they've caught up again.
8. confused76 said...
Yessssss!
this is great news!