Wednesday, July 2, 2008

House prices go down 17 per cent in a year and experts warn ‘outlook is dire’

House prices go down 17 per cent in a year and experts warn 'outlook is dire'

House prices fell by up to 17 per cent in the past year and the outlook for the market is 'dire', financial experts warned yesterday. Nationwide, the country's biggest building society, said it has not seen such a sharp drop in prices since the property crash of the early 1990s.

Posted by housebear @ 10:44 AM (881 views)
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6 thoughts on “House prices go down 17 per cent in a year and experts warn ‘outlook is dire’

  • Mark Wadsworth says:

    “John Francis, from Sheffield estate agents Crapper & Haigh, said: ‘There are rows and rows of properties which are for sale but nobody wants to buy them.’ … He added that many buyers make ‘daft’ offers on homes – and he is regularly surprised when nervous sellers accept the lower price”

    Yup. It’s time for some cheeky offers – 50% below asking?

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  • “House prices go down 17 per cent in a year”

    Yet another misleading article title but I’m willing to wager that no-one else is going to complain about this one………

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  • japanese uncle says:

    I should like to repost the following.
    ——————————————————————————

    If 13,000 pounds a month drop continues for 12 months, the size of annual fall should amount to 156,000 pounds. 25% drop in fiscal 2008 may suddenly start to look a bit too conservative. And there is no guarantee this 13,000/month drop will not gather pace for the months to come. In fact it is more likely to accelerate in a spiral along with unemployment, personal insolvency, repossession and business failures. Sorry to show an extremely gloomy picture. But the government & BoE really ought to have decelerated the economy circa 2000 by the measures such as raising IR as it became more and more unsustainable and even grotesquely lunatic, simply to avoid this carnage as exactly predicted in this forum for the last few years.

    If someone happened to have observed the discussion in this website to develop reasonable doubt about the ‘sky is the limit’ argument, and decided not to buy house as a result, he or she should have saved tens of thousands of pounds, indeed.

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  • Yes we did take the advice of this forum and rented – despite everyone saying we were mad – and have been waiting for a long time – the long awaited crash still makes me very sad for my friends who having recently committed to huge mortgages (one friend 460k for a one bed in London) – despite my advice to them. Or even those who bought at the ‘right’ time years ago and still have a 200k mortgage as they traded up to a house so they could have kids.

    Not everyone had the time to do the research and follow the trends. Mixed times.

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  • it_is_going_with_a_bang says:

    What exactly is a daft offer?

    It’s worth what someone will pay for it and not a penny more.

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  • @japanese uncle, you suggest the possibility of a £13k a month drop across the market across the UK for the next twelve months? What dream world are you living in exactly?!

    Fact is these biggest drops are in very small areas with more acute problems than the rest of the UK. Then people like you transpose it to the entire country!

    “House prices go down 17 per cent in a year…..”

    The words “in Sheffield” were deliberately left out by the poster. Two can play at that game: I could easily post an article with the title “Good news: house prices back up 6%”. It would have exactly the same basis in fact as the title of this thread.

    In my town prices have barely moved all year (and according to findaproperty.co.uk’s “area info” page a 3-bed house has gone up slightly in the last few months).

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