Thursday, Apr 30, 2009
-0.4% Nationwide April Index
Nationwide: House prices fall slightly in April
Commenting on the figures Fionnuala Earley, Nationwide's Chief Economist, said:
“The price of a typical house fell by 0.4% in April. This reverses some of the rise seen in March, but is
in line with our expectations, given the current economic conditions. April’s decline leaves the average
price of a typical house at £151,861, down 15% from 12 months ago. The 3-month on 3-month rate
of change, generally a smoother indicator of the short-term trend in prices, improved to -3.1% in April
from -4.1% in March."
Posted by phdinbubbles @ 07:03 AM (516 views) Add Comment
3 Comments
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1. last_days_of_disco said...
Since when is 0.4% a "slight fall" in a month. Annually that would be around 5% which represents what most FTBs had in equity in their properties when this all started -- they have since been driven well into negative equity. And now they are losing their jobs in large lumps we are into carnage mode. Prices need not drop any more and the carnage will is awful, but they are and hence it will get a lot worse.
Its a third of the usual 15-20% annual decline, but this is really sad stuff. Such pathetic attempts at putting a positive shine on an appalling outlook.
2. alan said...
The effects of falling house prices means that couples who bought 4 or 5 years back and thought they had paid off a fair chunk of their mortgage are getting a bad surprise on remortgaging! They are now being told that "according to a computer program" their house price has been revised downwards. Instead of the low <75% LTV rate they need to pay the <90% LTV rate. This is a difference of around .25%, depending on lender.
A "5 Star" award to Fionnuala for putting a gloss on the mortgage outlook.
3. will said...
Ms Earley wishes we go out an buy now before prices start to rise, she thinks we are a little fick. Bless her she is only doing her job.