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cashinmattress

Uk Leads European House Price Falls

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UK leads European house price falls

The decline in house prices across Europe accelerated in the first three months of 2009, with the UK property market leading the falls, according to the FT European index.

The report, which compares quarterly prices on a year earlier, showed Eurozone property prices down 3.5% annually in the first three months of 2009, while the wider Europe region (which includes the UK) was down 5.1%.

Both regions saw annual falls accelerate from -0.8% and -2.3% in the final three months of 2008.

The UK's Halifax index posted the biggest decline of those reports included, at 17.2%, followed by Ireland's 9.9% fall in property prices.

- Is it time to get out of the property market?

The index compared annual rises or falls at March 2009: since then price falls have slowed in the UK, with the Nationwide reporting prices rising by 0.9% between March and June.

Prices in Spain in the year to March were down by 6.5%, compared to a 2.8% fall registered in December, however, economists question the accuracy of Spanish property figures and anecdotal evidence suggests prices are falling faster than record show.

The best performing property market was Switzerland, where prices were up 5.3% annually to March, compared to a rise of 3.7% in the year to December.

Property price falls in the Eurozone economies are swiftly catching up with the sharper falls seen in the wider European region. The FT said the swifter falls in the Europe region was 'driven by substantial drops in the UK'.

However, the UK's major property reports from the Land Registry, Nationwide and Halifax have shown annual falls slow recently. These peaked at -16.4% (Feb 09), - 17.6% (Feb 09) and -17.7% (Feb and Apr 09) respectively and now stand at -15.9% (May 09), -11.3% (Jun 09) and -16.3% (May 09).

The FT's own house price index, compiled by Academetrics, showed the average UK property down by 14.1% annually in May.

More positive news in recent months has led to some property optimists suggesting the market has turned the corner. However, economists and experts have cautioned that any improvements are from a very low base and economic fundamentals remain weak.

Royal Institution of Chartered Surveyors chief economist Simon Rubinsohn says: 'Tempting as it is to conclude that the bottom has now been seen in the pricing cycle, there are still considerable headwinds for the housing market to overcome, most notably in the form of further significant job losses during the balance of this year.

Oh and we sure loved having those dinner parties where we could brag abotu our houses inflating 3% while we had our after dessert coffee.

Ahh, the good old days.

Edited by cashinmattress

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UK, the undisputed leader in the fall of house prices, also rubbish in the street, poor hosing, badly dressed and fat women ( and men), puking in the streets, loutish behaviour, swearing, uneducated, lazy... probably pissed and watching that funeral circus at the moment. so unlikely to respond

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This is of course the report for Q1 2009.

Almost certainly the next quarterly report will have the UK leading European house price rises.

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