Friday, May 22, 2009
1 in 10 Building Societies see property prices falling another 15 - 20%
My Finances Co uk: House prices down 10% in 2009 and down 0.8% in 2010
"A survey by the (BSA) reveals on average they predict house prices to fall ten per cent in 2009. However, one in ten see prices falling between 15 and 20 per cent and 29 per cent see property values dropping between 10 and 15 per cent"
Another 20% that would be 43 % .
"Falling house prices and diminished demand are expected to result in mortgage lending from building societies to fall by 22 per cent this year ".
With regards interest rates:"He added the policy also restricts mortgage lending by reducing funds for lenders. "
Already 2/3rds down due to RMBS market ! Loved the end, essentially saying government needs to lend more and buyers should not panic !
Why would buyers panic in a market about to fall 40%?
Posted by sybil13 @ 10:56 PM (472 views) Add Comment
1 Comment
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1. peeping tom said...
Prices will stabilise in 2010? No chance. FFS it took seven years from peak (1988) to trough (1995) last time. The market in 2009 is nowhere near the bottom so at the very least prices will fall by 10% per annum in 2010 and 2011. They will stabilise in 2014 or 2015?