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Nationwide -7.5% Yoy (-1.1% Mom)


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Fello HPCers, we are firmly in HPC cruise control! Looks like we will be at minus 10% (sooner than expected (probably by September)! B) We could even get a minus 15% by September if we get another couple of big minus MoM's in August and September, plus IIRC the September 2007 +2% will be droping out of the YoY figures!!! Happy days!

From the article:

"The Nationwide, which records the amount approved for lending to buyers, is expected to release figures on Wednesday recording a 7.5 per cent fall year-on year."

Fionalalala's predictions are starting to look more ridiculous as each report gets issued. I wonder how Richard Desmond will spin these figures to his advantage? :lol::P

http://www.thisislondon.co.uk/standard/art...ndon/article.do

Edited by SlumpmonkeyII
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Halifax house price index, Aug 2007 £200,000, June 2008 £180,000, down £20,000 in ten months.

Nationwide house price index, Oct 2007 £186,044, July 2008 £168,500, down £17,544 in ten months.

But i thought house prices only ever go up, what's going on?

Well, when you put it like that it's 10% for Halifax and 9.4% for Nationwide, wow, 1% (roughly) a month - ouch!

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Is 10% fall in one year really crash mode? Seems a bit pedestrian to me.

The falls didn't really get going until around Xmas, so when you consider most of the damage has been done in a period of about seven months, yes, that's absolute Warp 9 with knobs on when it comes to house prices.

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Well spotted and great news but... can someone answer this for me please?

Where exactly are these falling house prices? They ain't in my area or don't appear to be judging by the asking prices? From numerous other posters they seem to have the same seller denial in their areas also so... where exactly are these falling house prices?

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Well spotted and great news but... can someone answer this for me please?

Where exactly are these falling house prices? They ain't in my area or don't appear to be judging by the asking prices? From numerous other posters they seem to have the same seller denial in their areas also so... where exactly are these falling house prices?

Bizarrely the latest Nationwide QoQ figures actually had Wales rising!

Don't worry, your crash will come young man!

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Well spotted and great news but... can someone answer this for me please?

Where exactly are these falling house prices? They ain't in my area or don't appear to be judging by the asking prices? From numerous other posters they seem to have the same seller denial in their areas also so... where exactly are these falling house prices?

have you checked websites like nethouseprices to get actual registered selling prices? ie we have some sever local repo auction values where I am, which would drag the average down compared with more normal ea sales

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Where exactly are these falling house prices? They ain't in my area or don't appear to be judging by the asking prices? From numerous other posters they seem to have the same seller denial in their areas also so... where exactly are these falling house prices?

I tend to look around SW16, SE17, TW14(?), TN9 and 10, GU24 and HP16.... a nice mix of areas... well OK, some of them arent very nice at all, but is a mix.

I am seeing quite a lot of reductions on rightmove but its the sold price that counts! So all those horribly overpriced dumps will continue to hang around on the market for months and years and become as irrelevant to the market as a buyer who cant get a mortgage.

The actual price drops are when a seller is prepared to sell at a price the buyer is willing to pay.

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Fello HPCers, we are firmly in HPC cruise control! Looks like we will be at minus 10% (sooner than expected (probably by September)! B)We could even get a minus 15% by September if we get another couple of big minus MoM's in August and September, plus IIRC the September 2007 +2% will be droping out of the YoY figures!!! Happy days!

...

http://www.thisislondon.co.uk/standard/art...ndon/article.do

Yup, those pesky positive figures from last year will soon be gone and the figures will make even more pleasant reading... ;)

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Guest Winnie

The EAs are concealing drops by keeping prices in windows and on the web etc at their old levels. It is only when they get face to face with buyers and sellers that the reality is applied. Typical. However, anyone who is/ knows someone going through the process knows that the drops are huge - my firned had a 3 bed end terrace house in Clapham valued at £850k in March - price slashed to £695k within a month - on advice of same EA.............. and it is not a bad house.

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Halifax house price index, Aug 2007 £200,000, June 2008 £180,000, down £20,000 in ten months.

Nationwide house price index, Oct 2007 £186,044, July 2008 £168,500, down £17,544 in ten months.

It's even dire if you go with the Rightmove numbers.

Rightmove May 2008 £242,500, July 2008 £235,219, down £7281 in two months.

So that's house prices crashing at £3640 per month or £910 per week or £130 a

day.

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The falls didn't really get going until around Xmas, so when you consider most of the damage has been done in a period of about seven months, yes, that's absolute Warp 9 with knobs on when it comes to house prices.

Prepare ship for ludicrous speed! Fasten all seatbelts, seal all entrances and exits, close all shops in the mall, cancel the three ring circus, secure all animals in the zoo!

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