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New Houses - Worst Fall On Record

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From King of Nowhere on Motley Fool....

New houses are crashing* in London faster than they did during the 90's!.

The worst annual period for new homes in the 90's was when prices fell from 1Q1991 £96,813 to 1Q1992 £85,348 , being a 12% fall.

However 2Q2004 £256,592 to 2Q2005 £221,803 which is a 14% fall. (Which is also the worst nominal fall YoY figure on record)

Interesting (IMHO), bit of trivial.

(Source Halifax)

*The term "crashing", means many things to many people. However IMHO a 14% fall in nominal terms over 12months is a crash.

:D

http://boards.fool.co.uk/Message.asp?mid=9544699&sort=whole

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£221,800 is still a ridiculous amount of money to pay for a rabbit hutch high in the sky. When prices fall back to what they were in 1992 I'll look at the issue again, and then only if I can put down a 50% deposit and cover the rest on a 7-year loan. I absolutely refuse to scuttle the hamster-wheel of usury for 25 years.

Keep saving!

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Wish I could still find his post but KoN showed that houses always, even in the last crash, had a spring bounce (we all know the seasonality). This hasn't happened this time...gonna make for an interesting end to the year!

I'm certain we are all waiting with baited breath.

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but still we see nothing actually going negative yet?

This is the bit that bother's me, still the newspapers report the halifax figures and even the land reg as last month rising and no yoy negative showing yet, even though we all surely know prices are lower everywhere than last year.

what gives

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Wish I could still find his post but KoN showed that houses always, even in the last crash, had a spring bounce (we all know the seasonality).  This hasn't happened this time...gonna make for an interesting end to the year!

I'm certain we are all waiting with baited breath.

I have not located the HPC thread I am looking for but it was a thread that noted Halifax or Nationwide figures for March/April. 2005 showing that this was the first year that prices dropped during these months. It had never happened before -not in 1990, 1991 or whatever.

Why are y-o-y not down? I know it is odd. I can only think that NI and Scotland have propped up the figures because my area and many others show real price falls.

Of course, Hometrack is already y-o-y negative if my memory is right.

Edited by Starcrossed

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  • 302 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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