Thursday, Sep 30, 2010
Cool
Yahoo / telegraph: House price declines 'inevitable'
House price declines are inevitable, experts warn, as statistics show it is a buyers market.
The latest house price index from Nationwide reported typical values rose 0.1 per cent in September to £166,757.
But the increase was not enough to stem the drop in annual inflation, which slid from 3.9 per cent in August to 3.1 per cent in September.
Posted by mark @ 11:27 AM (1361 views) Add Comment
12 Comments
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1. smugdog said...
'The end of the world is most certainly inevitable. Our sun is currently so hot that it burns hydrogen into helium as an effect of nuclear reactions (and it is still getting hotter). Eventually there will be no more hydrogen to burn and thus all reactions will stop, forcing the sun to dwindle to about the size of earth. Only holding helium, one day, approximately 5 billion years from now, the sun will begin converting helium into carbon'.
I do hope for HPCers sakes that their hopes are rewarded before the 'inevitable' (as promised by the experts)
2. rumble said...
" almost inevitable that house prices will fall over the next few months."
-- I was going to agree with you, then I actually read the article, he does include a limit.
3. rumble said...
*she. :)
4. Crunchy said...
http://www.youtube.com/watch?v=O9we864sMns&feature=channel
Something that all HPCers should watch, this includes you smuggy.
See it as a beginning of a long journey of healing, because you know you are all worth so much more.
The housing crash along with all others is in your own hands. Could you hack it? You really have no choice.
5. jonny parker said...
Feels like 5 billion years I have been reading this site........ I suppose like the sun imploding no one really knows until it happens. Only in hindsight and anlysis of historical data (bit like the graphs from 90's that keep appearing) can we truly say there was a HPC. Need to put this site in blocked URL's I think.
6. alan_540 said...
What goes up must come down.
7. Bearinthewoods said...
Is it just me, or does Smugdog talk a load of c**p?
All the signs are there for a significant correction in the housing market. I've lived through one or two already and believe me this one's going to be a "doozie" By the way, To put my statement in context, I'm not a "bitter and twisted" renter, my house is paid for, I've got cash in the bank and I'm still a decade off retirement. Whether you like it or not my dear Smugdog, it's going to happen and fools like you who think that if they repeat a load of c**p often enough it will become reality are just grasping at straws. Your mockery of those that predict house price falls only serves to confirm how fearful you really are.
8. mystie010 said...
Well I don't care what smuggy says - I love your posts by the way - it makes for an entertaining website to have diverse opinions, but round where I live prices are TANKING! I'm in south Devon and there isn't one day that goes by that there aren't a few price drops. Most people where I live are second home owners, so I don't know if they are bailing out or what, but for once I'm actually optimistic that I may be ale to buy sometime in the near future. So Nationwide can take their figures and shove them where the sun don't shine.
9. Paul said...
@1 Smugdog you hit the nail on the head. A house price correction is a mathematical certainty. The problem is the BoE do not want deflation, i.e. asset / house price deflation. This is what they keep going on about.
We already have high food price inflation, but if you are a multi-millionaire property owner, why would you care if a tin of tuna costs 50p or £1.50? Asset prices need to be marked down so that sterling recovers and the inflation that really hurts the people and the economy gets reined in. People then will be able to spend. What the BoE and government are hoping is that the 'feel rich' illusion of high house prices will cause people to remortgage, release equity and go spending, or just spend on credit cards. This is pretty much what they say on their website.
The BoE needs to honor the correction in house prices by putting up interest rates to 4 or 5% then we can finally move on and get back to normal. The low interest rate is damaging sterling, is no longer supporting HPI and is robbing people of their savings.
10. estrader said...
@ mystie010,
"So Nationwide can take their figures and shove them where the sun don't shine."
Exactly, I agree 100%. I understand how the sun works and how to forecast what is most likely to happen based on what the market is telling me now.
Good on you mystie010 for using your OWN eyes and your OWN brain!
11. rumble said...
Hmm, this Osho cat, while busy anthropomorphising society, steps in a pile of teleological error, and lo there's a conspiracy.
12. Crunchy said...
rumble, there is no conspiracy in pure self, only ones ego would think otherwise.
An ego that has been installed by the true conspirators that keeps people on the rat labs wheel.
There are few that can hack freedom or trust in its power. 'God' has nothing to do with this.
It's you, or yourself that holds the power over the powerful. Faith in truth is the key to the temples door.
Take a peep through the keyhole sometime. I promise that you will not get poked in the eye, or the i, which is the whole point.