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Where Have House Prices Fallen Most?

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prices falling: hardest hit....funny, when Tvs are falling , hardest hit is not the term used....great savings and good news, specifications and value for money ever improving, are terms often used.

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probably already posted a gazzilion times, but if not..............

(link includes table)


Where have house prices fallen most?

By Rebecca Atkinson

Despite optimistic news in recent weeks from lending giants Nationwide and the Halifax, house prices in England and Wales fell in April, according to the Land Registry.

The annual rate of decline currently stands at 16.2%, the same as it was in March, following April's 0.3% decline.

But which areas have been hit the hardest?

The South West of England suffered the most dramatic house price falls in the year to 30 April, while five out of 10 regions saw falls of less than the national average.

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The latest house price figures from the Land Registry show that England and Wales saw house price plummet by 16.2% during the year, bringing the average price to £152,898.

However, property values in the South West region declined by 18%, making it the hardest hit region. The North East, meanwhile, saw prices fall 17.3%, closely followed by the South East (17.2%), the East (16.3%) and the North West (16.3%).

All other regions saw below-average house price falls. Wales suffered the least, with property's declining 12.8% in value, followed by London (14.3%), the East Midlands (14.7%) and the West Midlands (15%).

However, on a monthly scale the North East showed the most significant fall of 2.6%. London, the East and West Midlands, the East and Wales saw house prices increase slightly during April.

Here is the list in full:

The Land Registry's figures also show that terraced property and flats/maisonettes have been the worst hit by the house market downturn, falling 17.9% and 17.4% respectively in the 12 months to April 2009. In contrast, detached property fell by 14% and semi-detached by 15.9%.

Stuart Law, chief executive of property firm Assetz, says the figures show the housing market is stabilising. "It is too early to talk of house price growth forecasts with any certainty, but this year is likely to see annual falls of 5% as we predicted last December and I anticipate 2010 will bring some recovery against losses incurred since the market peak in 2007,†he says.

However, the Land Registry says the number of successful house sales were 50% down in February 2009 compared to the same month the previous year. In London, the number of sales was 59% lower on an annual basis.

Seema Shah, property economist at Capital Economics, says low sales mean house price falls are still not over: "Unfortunately, with the economic outlook still downbeat and mortgage credit conditions still tight, completed sales are unlikely to return to more normal levels this year.

"The bottom line is that while the improvement in buyer sentiment may help to slow the pace of house price falls over the coming months, there is still a long way to go before house prices reach their floor."

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When it says sales volumes are 59% down, that does not sound as bad as saying the sales volume is less than 1/3 of what it was the same time last year (both statements are arithmetically the same though).

Statistically, there is now a huge sampling bias, because if you aren't going to make money on your house you don't sell.

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People always confuse the % falls with the % when prices rise - so heres a handy calculator

e.g. 30% off 200K is 140K but it will need a 43% rise to get that back up to 200K again

(there are probably some small rounding errors here but I cant be bothered doing this to the nearest penny)

 peak_price   value_now   %_fall  equiv_%_rise200,000   190,000   5	5 200,000   180,500   10   11 200,000   171,475   14   17 200,000   162,901   19   23 200,000   154,756   23   29 200,000   147,018   26   36 200,000   139,667   30   43 200,000   132,684   34   51 200,000   126,050   37   59 200,000   119,747   40   67 200,000   113,760   43   76 200,000   108,072   46   85 200,000   102,668   49   95 200,000   97,535   51   105 200,000   92,658   54   116 200,000   88,025   56   127 200,000   83,624   58   139 200,000   79,443   60   152 200,000   75,471   62   165 200,000   71,697   64   179 200,000   68,112   66   194 200,000   64,707   68   209 200,000   61,471   69   225 200,000   58,398   71   242 200,000   55,478   72   261 200,000   52,704   74   279 200,000   50,069   75   299 200,000   47,565   76   320 200,000   45,187   77   343 200,000   42,928   79   366 200,000   40,781   80   390

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