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House Prices Drop In Value By More Than Average Salary

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House prices drop in value by more than average salary

House prices are dropping in value by more than a typical annual salary, figures by Nationwide showed today.

Britain’s biggest building society said the average price of a home dropped 0.7 per cent this month, the equivalent of £2,376 in a month.

It brings the average price of a home to £164,381, down from £166,757 in September.

If prices continue to fall, the annual rate of house price inflation would drop to between 0 per cent and -1 per cent at the end of the year, Nationwide said. It compares to a rate of growth of 5.9 per cent at the end of 2009.

It follows a drop in prices of £6,000 in September, recorded by Halifax, Britain’s largest mortgage lender.

Concerns about the economy and a greater supply of properties for sale have helped to push down prices.

Economists said the latest figures meant the key question facing the market is no longer whether house prices will fall, but rather by how much.

Shame they couldn't see this before it was rammed under their noses.

Now, what shall I spend my £2376 on? :D

Edit: forget link. http://www.telegraph.co.uk/finance/personalfinance/8092471/House-prices-drop-in-value-by-more-than-average-salary.html

Edited by Pent Up

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Shame they couldn't see this before it was rammed under their noses.

Now, what shall I spend my £2376 on? :D

Edit: forget link. http://www.telegraph.co.uk/finance/personalfinance/8092471/House-prices-drop-in-value-by-more-than-average-salary.html

Yeah but those of us on superior salaries don't need to worry - just claim it on expenses. You can't go wrong with bricks and mortar.

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Shame they couldn't see this before it was rammed under their noses.

Now, what shall I spend my £2376 on? :D

Edit: forget link. http://www.telegraph.co.uk/finance/personalfinance/8092471/House-prices-drop-in-value-by-more-than-average-salary.html

Not sure I get the maths though... how does the journalist get from 0.7% to 2376 pounds ??

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Not sure I get the maths though... how does the journalist get from 0.7% to 2376 pounds ??

They've quoted the SA -0.7% but then used the NSA value for the -£2376 figure.

Goes to show the quality of journalism out there.

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Not sure I get the maths though... how does the journalist get from 0.7% to 2376 pounds ??

NSA value of monthly drop vs SA monthly % drop, i guess

Edited by kilroy

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council tax?

Nope

Rent?

Don't pay any, just house keep to the parents.

A nice meal out with the misses and few ales is appealing. I'll hold on the champers for a few more months though....

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Good to see them starting to drop more than the average salary. We so often read in the past, reports of them going up more than the average salary.

Note that you can leave comments at the end of the article. ;)

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so, if people EARNED more with their house in the past, and they spent all their salary, that means that every month, not only have they spent all their salary, but they have spent the same again on their house.

Im sure I could spin that to sound like a double loss.

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so, if people EARNED more with their house in the past, and they spent all their salary, that means that every month, not only have they spent all their salary, but they have spent the same again on their house.

Im sure I could spin that to sound like a double loss.

People thought of the equity (created by prices increasing) as cash which belonged to them.... The same as having a bank account with a positive balance of £XXX which you can withdraw as you please and spend on cars/holidays, basically a lifestyle beyond their means.

No-one ever considered the consequences of behaving like this. They shouldn't have been allowed to behave like this and they should face the consequences of behaving like this. I think they will now the lunatics have gone.

I know someone who literally saw HPI as an extra income and remortgaged every year back up to the hilt. i once pointed out that it's not an income, it's debt. no use though - blinded by the pound signs, The knob-head has stolen from his own future.

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People thought of the equity (created by prices increasing) as cash which belonged to them.... The same as having a bank account with a positive balance of £XXX which you can withdraw as you please and spend on cars/holidays, basically a lifestyle beyond their means.

No-one ever considered the consequences of behaving like this. They shouldn't have been allowed to behave like this and they should face the consequences of behaving like this. I think they will now the lunatics have gone.

I know someone who literally saw HPI as an extra income and remortgaged every year back up to the hilt. i once pointed out that it's not an income, it's debt. no use though - blinded by the pound signs, The knob-head has stolen from his own future.

Unfortunatly many of these people will get away with it. It's the naive youngsters who bought into the scam over the last decade who will pay the price. He was stealing from his own childrens future more than his own.

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Good to see them starting to drop more than the average salary. We so often read in the past, reports of them going up more than the average salary.

Note that you can leave comments at the end of the article. ;)

I am sure such figures used to provide the front page headlines for some of our 'quality' newspapers. One suspects that we will not see the same bragging on the way back down.

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People thought of the equity (created by prices increasing) as cash which belonged to them.... The same as having a bank account with a positive balance of £XXX which you can withdraw as you please and spend on cars/holidays, basically a lifestyle beyond their means.

No-one ever considered the consequences of behaving like this. They shouldn't have been allowed to behave like this and they should face the consequences of behaving like this. I think they will now the lunatics have gone.

I know someone who literally saw HPI as an extra income and remortgaged every year back up to the hilt. i once pointed out that it's not an income, it's debt. no use though - blinded by the pound signs, The knob-head has stolen from his own future.

i know someone who did exactly the same as this, you will not believe this but he used to say " i have all this equity, i can go and get 30k from the bank now, this is how much i am making, " and he did for about last 4 years, now is on the verge of being repossessed, seriously i did tell him, you have to pay it back it is not free money...

was not called peter was he? could be talking about the same bloke here

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i know someone who did exactly the same as this, you will not believe this but he used to say " i have all this equity, i can go and get 30k from the bank now, this is how much i am making, " and he did for about last 4 years, now is on the verge of being repossessed, seriously i did tell him, you have to pay it back it is not free money...

was not called peter was he? could be talking about the same bloke here

No, his name is Paul.

Maybe it's something to do with the letter P?

I'll ask erranta if there's a link.

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  • 261 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%



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