Friday, Dec 26, 2008
Seasonal cheer
FT: Brick by brick, the market crumbled
It seems incredible that just 12 months ago experts were predicting that 2008 would bring house price growth of 5 per cent.
Amid what now appears to be the worst housing slump for more than 50 years, lenders, brokers and agents say the severity of the decline in house prices has come as a surprise to everyone. The widely-held belief was that the economy would provide sufficient support to prevent a crash.
The latest figures from Halifax and Nationwide record an annual average price fall of 17 per cent and 14 per cent respectively. House prices are experiencing their sharpest annual decline for 25 years.
No location or sector has emerged unscathed.
Posted by little professor @ 09:57 PM (569 views) Add Comment
3 Comments
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1. beartil2010 said...
Not a surprise to anyone here!!!!!
2. paul said...
Well, Fionnalulla Earley from Nationwide predicted that house prices would rise 4% this year. Do you think she's going to buy them all this week at inflated prices? Or fall on her sword and just accept that she was making it up all along?
3. mark wadsworth said...
Compare and contrast:
"the worst housing slump for more than 50 years"
with
"House prices are experiencing their sharpest annual decline for 25 years"
If I may throw in a few observations, just to get the ball rolling:
a) It's not a housing slump, it's the same people in the same houses
b) In either sentence substitute the word "ever".