Thursday, June 5, 2008
Down Down they go!
UK house prices adopt crash position as prices fall by 6.3% annually
UK house prices fell by 2.4% in the single month of May according to the latest available data published today from Halifax (HBOS). This fall dovetails with recent data from Nationwide suggesting a similar pattern of falls; approximately 2.3% for the Month of May. This most recent house price fall represents the steepest price correction since 1993 for both the leading house price indicators.
Posted by housebear @ 02:24 PM (1123 views)
9 thoughts on “Down Down they go!”
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paul says:
Adopt crash position!
montesquieu says:
awesome:
‘When excluding the Halifax seasonal adjustment and methodology the annual fall is in fact -6.3%
The fall from the peak of prices (third quarter 2007) to current values is -7.8%
Annualised drop based on current data -25%
Seasonally adjusted figures reveal that average UK house prices are now at third quarter 2006 levels’
Laplace Heavyside says:
The Guardian reported Martin Ellis, chief economist at Halifax, as pointing out that the recent drop in prices comes after several years of growth, with the average home rising £88,000 between August 2002 and August 2007. This is typical of the BS coming out of BSs recently and brings to mind the story of a man who jumped off the top of a 100 floor office block. After falling 20 floors someone yelled out of a window “How are you doing” to which the guy falling replied “not too bad, there’s another 80 floors to go yet.”
However even the popular benchmark of 1992 seems to be falling out of favour now. The following articles focussed on Barratt and the problems of staying green while falling into the red but it does look back further than 1992 to find key factors contributing to current house market woes – in fact as far back as 1919…
Green And Red All Over- http://www.carbonfree.co.uk/cf/news/wk21-08-0001.htm
geed says:
Don’t be surprised with the bearish (truthful) article, the author is our very own “Converted Lurker”.
str 2007 says:
How do you know that Geed ?
paul says:
converted lurker is Paul … not sure of his surname from Firstrung.
He’s very open about it – why not. And I think you’ll find geed, that Firstrung is much more neutral than HPC for various reasons.
pendulum says:
I’ll put this here too – 15k in 9 months certainly justifies the case for renting [at least]:
Yoss says:
Renting is dead money!…Hold on a mo…
Yesterdays STR friut loops are clearly headed for the status of Guru! How did they know?
A basic understanding of maths is clearly a useful tool, Eric Pebbles MORTGAGE FRAUD claims are starting to ring from the hill tops and the media, sheeple and finally the FSA are starting to wake up, it’s just GB that need to take his head out the sand and cut public spending and hard/fast.
No there is no sub prime in the UK, just plain good old fashioned FRAUD on a %age.
markj69 str05 says:
Put your head between your legs, and kiss your Ass(ets) goodbye! – Unless you’re renting!