Wednesday, May 13, 2009
DCLG: -1.3% MoM, -13.6% YoY
Express: HOUSE PRICE FALL RATE SLOWING
The rate at which house prices are falling has begun to slow as the shadows lift off the property market, official figures show today.
The fall in the average cost of a property between February and March eased to 1.3 per cent from a 2.7 per cent dive, according to the Department of Communities and Local Government.
Property values sank 13.6 per cent year-on-year in March putting the average price of a UK property at £187,193.
There was more good news yesterday from City watchdog the Financial Services Authority. Chairman Lord Adair Turner said at their London conference there would be fewer repossessions than in the early 1990s slump.
Posted by little professor @ 03:03 AM (1295 views) Add Comment
13 Comments
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1. symo said...
Lord Adair Turner someone who never saw this coming and therefore has done nothing to stop it. Also someone who will no doubt claim that this recession is different from that of the late 70's and the all other recessions before "because it's different this time".
2. matt_the_hat said...
1. symo - but it is different this time - in the 30's they didn't have this fancy printing machine - in the other recessions inflation was already very high. When you have the voting majority significantly in-debt then you have to forgive those debts at the expense of a smaller group called savers, i.e. rampant inflation!
3. it_is_going_with_a_bang said...
Slowing?
Every channel i turned on yesterday was jumping on this 'news' with the same vigour and optimism.
Light at the end of the tunnel, the tide has turned etc etc.
It has become very obvious to everyone that this country 'runs' on HP inflation and it seems it is wanted back despite the quite obvious problems it has caused and continues to cause. The phrase value for money and under priced is being all the time and yet there is no real evidence provided to back that opinion up.
It seems that House price falls will always be seem as 'bad news' and house price increases as 'good news'. How strange that everything else in life that involves money and we are concerned about is "reported in the opposite way".
4. house said...
As this downturn has been managed means that house prices are going take longer to go down. What I do not understand is that if things are improving then why are the Estate Agents not buying the property instead if things have turned the corner. They would make a killing if this was correct. Any thoughts on this ?
5. mark wadsworth said...
@ house, exactly! That's what I said to an estate agent who told me he could get 20% more for my house than what I put it on the market for (and actually sold it for, as it happens). He mumbled and looked at his feet.
6. Max Normal said...
Dead. Cat. Bounce.
House prices need to, and will, return to their historical price:earnings ratio. Anything else is wish fulfilment.
7. icarus said...
symo @1 said Turner did nothing to stop the housing bubble. This is the crux; if he had tried to do something to stop it he wouldn't be in his job. So what does this tell us about the people who kept their jobs and who who now see green shoots everywhere?
8. vindicated said...
Last night, even my hubby (a bear for a long time) started to doubt. He reckons I'm an uber-bear and I'm going to be proven wrong and that he really does not believe the larket will fall much further!!! Arrrgghhhh. If this is true, then we're fubar'd.
Dead cat bouce...dead cat bounce..... dead cat bounce.....VI ramping....VI ramping....VI ramping........
If I say it over enough, I'll remain strong!
9. vindicated said...
'larket'???? Should read 'market' of course.
10. Neil B said...
As this is compound depreciation and measured in % of the previous value, the rate will always decrease surely? If the rate stayed the same then wouldn't house prices be constantly decreasing to a point where the actual value of property would eventualy be zero?
11. 51ck-6-51x said...
vindicated
- FUBAR, never thought that acronym would rear it's head on HPC, are you an engineer or in the military?
12. vindicated said...
'fraid not 51ck-6-51x. I'm a Food Safety Consultant who was also a bit of a 'Tango and Cash' fan as a teenager.
13. Greenshootsandleaves said...
To paraphrase Galileo: "And yet they fall".