Slumpmonkey Returns Posted July 28, 2008 Share Posted July 28, 2008 (edited) Fello HPCers, we are firmly in HPC cruise control! Looks like we will be at minus 10% (sooner than expected (probably by September)! 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? http://www.thisislondon.co.uk/standard/art...ndon/article.do Edited July 28, 2008 by SlumpmonkeyII Quote Link to comment Share on other sites More sharing options...
time 2 raise interest rates Posted July 28, 2008 Share Posted July 28, 2008 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? Quote Link to comment Share on other sites More sharing options...
Jim B. Posted July 28, 2008 Share Posted July 28, 2008 I must admit I get a little confused with all these figures, they said on tele today that prices dropped 1.2% in June but were still up overall for the year, how does that work? Quote Link to comment Share on other sites More sharing options...
REP013 Posted July 28, 2008 Share Posted July 28, 2008 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! Quote Link to comment Share on other sites More sharing options...
REP013 Posted July 28, 2008 Share Posted July 28, 2008 I must admit I get a little confused with all these figures, they said on tele today that prices dropped 1.2% in June but were still up overall for the year, how does that work? LR figures. Quote Link to comment Share on other sites More sharing options...
Jim B. Posted July 28, 2008 Share Posted July 28, 2008 LR figures. thanks. Quote Link to comment Share on other sites More sharing options...
time 2 raise interest rates Posted July 28, 2008 Share Posted July 28, 2008 Well, when you put it like that it's 10% for Halifax and 9.4% for Nationwide, wow, 1% (roughly) a month - ouch! Or down £2000 a month with the Halifax or down £1754 with the Nationwide. Don't tell the Express. Quote Link to comment Share on other sites More sharing options...
Moo Posted July 28, 2008 Share Posted July 28, 2008 Odd story, that. I thought figures like that were embargoed up until a set date\time? Will be interesting to see what the actual figures come out at. Quote Link to comment Share on other sites More sharing options...
bazzzzzzz Posted July 28, 2008 Share Posted July 28, 2008 (edited) Is 10% fall in one year really crash mode? Seems a bit pedestrian to me. zzzzzzzzzzzzzzzzzz Edited July 28, 2008 by bazzzzzzz Quote Link to comment Share on other sites More sharing options...
kilroy Posted July 28, 2008 Share Posted July 28, 2008 "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." Quote Link to comment Share on other sites More sharing options...
Moo Posted July 28, 2008 Share Posted July 28, 2008 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. Quote Link to comment Share on other sites More sharing options...
bazzzzzzz Posted July 28, 2008 Share Posted July 28, 2008 yes, that's absolute Warp 9 with knobs on when it comes to house prices. Cripes! In which case, pity the poor blighters who str'ed pre-2004. Another 5 years before they turn a profit. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 28, 2008 Share Posted July 28, 2008 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? Quote Link to comment Share on other sites More sharing options...
mirage Posted July 28, 2008 Share Posted July 28, 2008 Cripes! In which case, pity the poor blighters who str'ed pre-2004. Another 5 years before they turn a profit. Not necessarily. We are already back to 2004 in real house price terms on the indexes (and of course they lag and understand actual falls). Nationwide_real_houseprices.PDF Nationwide_real_houseprices.PDF Quote Link to comment Share on other sites More sharing options...
mirage Posted July 28, 2008 Share Posted July 28, 2008 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! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 28, 2008 Share Posted July 28, 2008 Bizarrely the latest Nationwide QoQ figures actually had Wales rising!Don't worry, your crash will come young man! Of that I have no doubt Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 28, 2008 Share Posted July 28, 2008 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 Quote Link to comment Share on other sites More sharing options...
Jason Posted July 29, 2008 Share Posted July 29, 2008 Nice find! Quote Link to comment Share on other sites More sharing options...
jonewer Posted July 29, 2008 Share Posted July 29, 2008 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. Quote Link to comment Share on other sites More sharing options...
red Posted July 29, 2008 Share Posted July 29, 2008 Fello HPCers, we are firmly in HPC cruise control! Looks like we will be at minus 10% (sooner than expected (probably by September)! 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... Quote Link to comment Share on other sites More sharing options...
Guest Winnie Posted July 29, 2008 Share Posted July 29, 2008 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. Quote Link to comment Share on other sites More sharing options...
time 2 raise interest rates Posted July 29, 2008 Share Posted July 29, 2008 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. Quote Link to comment Share on other sites More sharing options...
Guest tbatst2000 Posted July 29, 2008 Share Posted July 29, 2008 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! Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted July 29, 2008 Share Posted July 29, 2008 Does anyone want to join my Make Money by Not Investing in Property course? I made £1,500 last month by not buying property Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted July 29, 2008 Share Posted July 29, 2008 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. It is only the median forecast. Not the real ones. Quote Link to comment Share on other sites More sharing options...
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