Jump to content
House Price Crash Forum
Pent Up

House Prices Fall Across The Whole Country As Buyers Sit Tight

Recommended Posts

http://www.independent.co.uk/news/business/news/house-prices-fall-across-the-whole-country-as-buyers-sit-tight-2090553.html

The decline in the housing market that began in many parts of the country during the summer appears to have spread and accelerated.

New data released today suggest prices are now falling in every part of the country for the first time in 18 months, and that the speed of the drops is gathering pace.

Hometrack, the housing market analyst, said that the average price of a house fell by 0.4 per cent in September, after a 0.3 per cent fall in August and and 0.1 per cent in July. Some 34 per cent of postcodes experienced an average price decrease last month, up from 30 per cent in August and only 12 per cent in July. Price increases were seen in just 2.3 per cent of postcodes.

Richard Donnell, Hometrack's director of research, gave warning that the housing market was likely to deteriorate further. "This is part of an ongoing repricing process which began six months ago and is set to stretch well into 2011," he said. "The markets is entering the second phase of the repricing process as a response to falls in both sales volumes and demand."

Hometrack's data reveal that fewer buyers are now registering with estate agents, with the number of clients down by 6.5 per cent. Demand for housing fell by 2.9 per cent last month alone. Despite falling demand, the supply of new homes for sale continues to rise, with a 7.2 per cent increase in the number of houses put on the market over the past three months. Though that expansion has begun to slow over the past month, continued rising supply while demand falls back will mean further price falls.

Sellers have already been forced to begin to settle for lower offers, with the typical home now going for 93.2 per cent of the asking price, down from 94.3 per cent.

The South-west of England was the worst affected region last month, with price falls averaging 0.6 per cent, though both the South-east and East Anglia were down by 0.5 per cent. The North-east of England, by contrast, was down just 0.1 per cent.

Mr Donnell said, however, that despite the worsening of market conditions, he did not expect to see a full-blown house price crash. "Over the rest of the year and into early 2011, agents will start to focus on repricing the property on their books to a level where transactions volumes are maintained," he said.

"Talk of a double dip, with the implication being that the market will see double-digit house price falls, is over-done despite the weak outlook for demand. We expect a slowdown in the volume of homes coming to the market to limit the scale of absolute price falls over the next 12 months."

:lol:

Edited by Pent Up

Share this post


Link to post
Share on other sites

http://www.independent.co.uk/news/business/news/house-prices-fall-across-the-whole-country-as-buyers-sit-tight-2090553.html

[indent]The decline in the housing market that began in many parts of the country during the summer appears to have spread and accelerated.

New data released today suggest prices are now falling in every part of the country for the first time in 18 months, and that the speed of the drops is gathering pace.

Hometrack, the housing market analyst, said that the average price of a house fell by 0.4 per cent in September, after a 0.3 per cent fall in August and and 0.1 per cent in July. Some 34 per cent of postcodes experienced an average price decrease last month, up from 30 per cent in August and only 12 per cent in July. Price increases were seen in just 2.3 per cent of postcodes.

Richard Donnell, Hometrack's director of research, gave warning that the housing market was likely to deteriorate further. "This is part of an ongoing repricing process which began six months ago and is set to stretch well into 2011," he said. "The markets is entering the second phase of the repricing process as a response to falls in both sales volumes and demand."

Hometrack's data reveal that fewer buyers are now registering with estate agents, with the number of clients down by 6.5 per cent. Demand for housing fell by 2.9 per cent last month alone. Despite falling demand, the supply of new homes for sale continues to rise, with a 7.2 per cent increase in the number of houses put on the market over the past three months. Though that expansion has begun to slow over the past month, continued rising supply while demand falls back will mean further price falls.

Sellers have already been forced to begin to settle for lower offers, with the typical home now going for 93.2 per cent of the asking price, down from 94.3 per cent.

The South-west of England was the worst affected region last month, with price falls averaging 0.6 per cent, though both the South-east and East Anglia were down by 0.5 per cent. The North-east of England, by contrast, was down just 0.1 per cent.

Mr Donnell said, however, that despite the worsening of market conditions, he did not expect to see a full-blown house price crash. "Over the rest of the year and into early 2011, agents will start to focus on repricing the property on their books to a level where transactions volumes are maintained," he said.

"Talk of a double dip, with the implication being that the market will see double-digit house price falls, is over-done despite the weak outlook for demand. We expect a slowdown in the volume of homes coming to the market to limit the scale of absolute price falls over the next 12 months."

[/indent]

:lol:

Another day, another attempt by the MSM to manage my expectations.

Share this post


Link to post
Share on other sites

This is a new one on me, it's not a crash, it's an:

'watching' ongoing repricing process

Worp (speed)

:lol::rolleyes:

" he said. The markets are entering the second phaser of the repricing process"

Share this post


Link to post
Share on other sites

I've been watching BBC News for the last hour or so and they seem to have missed this, their big excitement this morning is "what is Britain's second favourite cheese" :rolleyes:.

I saw it this morning as breaking news on sky news iPhone app. Surely an unbiased media institution such as the BBC would be reporting it??

Share this post


Link to post
Share on other sites

% of asking price achieved down by around a full percent. Couple this with falling asking prices and haliwide could show some respectable drops this month.

nb "house repricing process" - wtf!

Share this post


Link to post
Share on other sites

The repricing process.

Nice phrase.

meaningless in a constantly shifting market though...

surely also, house prices are determined by Sales...not Non Sales...so, its not buyers sitting tight, its sellers bailing to compete with each other.

Looking at their website, they help finance houses provide "lending solutions".

This Company is full of crapspeak......one to avoid.

Share this post


Link to post
Share on other sites

The repricing process.

Nice phrase.

meaningless in a constantly shifting market though...

surely also, house prices are determined by Sales...not Non Sales...so, its not buyers sitting tight, its sellers bailing to compete with each other.

Looking at their website, they help finance houses provide "lending solutions".

This Company is full of crapspeak......one to avoid.

I do seem to remember their reports over the last 6 months bring one of the more bearish though.

Share this post


Link to post
Share on other sites

This is a new one on me, it's not a crash, it's an:

ongoing repricing process

:lol::rolleyes:

Almost as good as the BBC's 'easing' or 'softening'...

Share this post


Link to post
Share on other sites

I saw it this morning as breaking news on sky news iPhone app. Surely an unbiased media institution such as the BBC would be reporting it??

They just have, with Donnell from Hometrack interviewed. He said prices have fallen for the third month running, but not to panic, lack of supply will keep prices from falling too far.... long, drawn out recovery... blah, blah, blah...... :rolleyes:.

Share this post


Link to post
Share on other sites

I saw it this morning as breaking news on sky news iPhone app. Surely an unbiased media institution such as the BBC would be reporting it??

Here's the sky link, can't see any link on the BBC website, latest story refers to bank recovery (good news then so they can absorb all the coming falls and NE in property)

http://news.sky.com/skynews/Home/Business/UK-House-Prices-Fall-For-The-Third-Month-In-Row-With-Every-Part-Of-The-Country-Reporting-A-Decline/Article/201009415744392?lpos=Business_First_Home_Article_Teaser_Region_1&lid=ARTICLE_15744392_UK_House_Prices_Fall_For_The_Third__Month_In_Row_With_Every_Part_Of_The_Country_Reporting_A_Decline

Share this post


Link to post
Share on other sites

They just have, with Donnell from Hometrack interviewed. He said prices have fallen for the third month running, but not to panic, lack of supply will keep prices from falling too far.... long, drawn out recovery... blah, blah, blah...... :rolleyes:.

At 08:41? I heard that quite a lot earlier on Today. The Hometrack interviewee was trying to say this is a gentle fall, and the BBC interviewer tried to suggest that a fall would be a good thing.

Share this post


Link to post
Share on other sites

They just have, with Donnell from Hometrack interviewed. He said prices have fallen for the third month running, but not to panic, lack of supply will keep prices from falling too far.... long, drawn out recovery... blah, blah, blah...... :rolleyes:.

Knob. Maybe I'm confusing this one with home.co.uk.

Share this post


Link to post
Share on other sites

" he said. The markets are entering the second phaser of the repricing process"

Set your faces to stunned.

I've been watching BBC News for the last hour or so and they seem to have missed this, their big excitement this morning is "what is Britain's second favourite cheese" :rolleyes:.

Second favourite? Is this an ongoing series? Are they teasing us by keeping the identity of the no. 1 cheese a secret?

"Go to brown alert, number one."

Is it too late to call a beige Monday?

Share this post


Link to post
Share on other sites

I do seem to remember their reports over the last 6 months bring one of the more bearish though.

Ah well, maybe crapspeak is good.

i'll diarise my next discussion with their on-line presence in the next period, meanwhile, putting my comments on ice.

Share this post


Link to post
Share on other sites

Fivelive just asked 3 estate agents their view on the market - oddly, they all thought the market was buoyant and each was doing OK.

What a shock - of all the EAs in the country Fivelive just happened to ask the 3 whose business is doing fine. Odd that?

Now, turkeys for Christmas - I wonder if Fivelive has any views from turkeys on Christmas lunch?

Share this post


Link to post
Share on other sites

I've been watching BBC News for the last hour or so and they seem to have missed this, their big excitement this morning is "what is Britain's second favourite cheese" :rolleyes:.

well, don't keep us in suspense

Share this post


Link to post
Share on other sites

Fivelive just asked 3 estate agents their view on the market - oddly, they all thought the market was buoyant and each was doing OK.

What a shock - of all the EAs in the country Fivelive just happened to ask the 3 whose business is doing fine. Odd that?

Now, turkeys for Christmas - I wonder if Fivelive has any views from turkeys on Christmas lunch?

Prices are falling across their country you can't deny that. But things are different in the town, village, district... They won't be effected because they're special...

Edited by Pent Up

Share this post


Link to post
Share on other sites

They kept us on tenterhooks for hours to really build up the tension, but it was Wensleydale.

I thought they said it was Mozarella?

No other news today? The data from Hometrack has never had so much attention in the past, including on here.

Share this post


Link to post
Share on other sites

Fivelive just asked 3 estate agents their view on the market - oddly, they all thought the market was buoyant and each was doing OK.

What a shock - of all the EAs in the country Fivelive just happened to ask the 3 whose business is doing fine. Odd that?

Now, turkeys for Christmas - I wonder if Fivelive has any views from turkeys on Christmas lunch?

Yep - just heard that. Might as well have stuck a property ad in the time they conducted those 'interviews'.

What is the point of debate when all parties have the same vested interest?

They were all talking cobblers, of course.

funding holding up market, pent up demand, etc. when they should have taken the opportunity to encourage vendors to price more realistically and up their volumes.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.