Friday, June 6, 2008

Using the “C” word

Housing crash worse than feared

Britain is heading for a housing recession deeper and more painful than even the most pessimistic of observers thought possible, with price falls rivalling those seen in the slump of the early 1990s. The Halifax House Price Index, published yesterday, showed that house prices fell by 2.4 per cent in May alone, by 6.3 per cent in the past three months, and by 10% in real terms since their peak last year. The average value of a British home is now £5,000 down on the month before.

Posted by little professor @ 08:28 AM (631 views)
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9 thoughts on “Using the “C” word

  • Someone’s gonna be eating her hat…

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  • Little Prof – Good post – can you add the graph from yesterday included in one of your previous posts – prices falling off a cliff !!

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  • Oh dear.. A Crash… Never..

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  • Little Prof – I have been telling people for several years on a personal and professional basis that this would happen – now that they can see the graph they might now believe me !

    My prediction is that prices will halve from Aug 2007 peak

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  • Rentinginthesouth says:

    This will also just accelerate the credit crunch – more write downs from the banks from their failling property assets. Also, the YoY curve is an accerated curve. Buckle up people!

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  • nopensionnohouse says:

    I can’t wait till my next dinner party.

    I’ll be all “…Yes of course not owning a house is earning me £5000 per month you know…”!

    Payback time for the years of being looked down upon and being told “…working is a waste of time; my house makes more than you…”

    Lovely stuff.

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  • ftb maybe one day says:

    cor there is going to have to be a remarkable recovery to meet Nationwide’s, CML’s, etc predictions for year end figures!!!

    Or are their wishful crystal ball predictions just going to get revised every couple of months?!? Oh yeah I forgot they’ve already done that several times recently already!

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  • “than even the most pessimistic of observers thought possible” – not sure about that!

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