Jump to content
House Price Crash Forum
Sign in to follow this  

Halifax Report New Houses -2.9% Mom

Recommended Posts

Well the plot thickens!

Football supports obviously mostly buy new houses!

I have had a look at the figures in detail, unfortunately Halifax only reports regional prices quarterly so we can not prove or disprove the assumption that for instance east anglia has been falling a lot while northern ireland etc. has been pushing up the average.

But the monthly figures are broken up into New, Existing, Former Owener Occupier and First Time Buyer.

FOO, FTB and Existing have all fallen by arround 0.5% from May to June.

New houses on the other hand have fallen by significantly more! 2.9% to be exact!!!

Apr 2006 500.6 7.2 174,200

May 2006 507.8 10.6 176,701

Jun 2006 493.1 8.4 171,572

I don't really believe footballers are the biggest buyers of new houses, I suspect people using property as an investment might be though.

Or perhaps this really a sign that regions that have the most new houses built have had significant falls?

Does anybody have the number of new houses region by region data?

Is this as expected or a significant indicator of something?

Share this post

Link to post
Share on other sites

I don't see how anyone can ever get accurate figures for new houses. Surely as all new houses being built are getting shitter and shitter it thus makes working out a 'price' very difficult. Perhaps they are not falling like for like but the negative growth is just reflecting how much worse the new houses are in quality compared to a month ago.

Share this post

Link to post
Share on other sites

Well until I put a stick in the spokes we had a holding deposit on a new build in South Norfolk. There was an investor looking to purchase 2 4-beds (one of which we put the deposit on), but we were told that he had already bought multiple properties on the development. I think he was totalling something like 10 properties. They hadn't even sold all the first phase properties and were offering incentives on these. So unless the investor was also a footballer....

Share this post

Link to post
Share on other sites

I think the houses being sold in May will be similar to the ones in June. Though it is possible a whole load of new cheap houses came on the market, I assume Halifax does all sorts of fancy adjustments for that kind of thing. But yes the data probably is a little suspect.

I am surprised by the difference in the fall between new and existing, I assume that they probably use near enough the same methodology for collecting these figures, so though it may be debatable how accurate they are, the difference relative to each other should be something we can have a reasonable amount of confidence in.

Its a crime that rates are the same, so I don't think the crash is yet. This change can only really be down to sentiment (mostly the threat of interest rate hikes) which will primarily effect investors. Also there are not more New properties on the market because of bankrupcies, though we know more new houses are being built. New builds have a lot more pressure to sell than existing housing so i guess if house prices did fall then new builds would lead the way.

The number of new builds is starting to catch up with the number of people wanting new builds, thats the fundamental thing, so its probably a combination of both factors.

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.

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.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 341 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.