Thursday, July 10, 2008

Meltdown!

House prices falling at fastest rate for 50 years - and interest rates 'won't be cut until 2009'

The price of the average home has plummeted £17,000 since January. The price of the average home in Britain has plunged £17,000 since January, devastating figures revealed today. House prices are falling at a rate not witnessed since records began in the 1950s, according to the report from the banking giant Halifax. This suggests the current meltdown is even worse than the previous house price collapse in the 1990s. In a further blow, experts warn the current collapse is only at 'the initial stages of an extremely sharp correction'.

Posted by bufferbear @ 09:53 PM (929 views)
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6 thoughts on “Meltdown!

  • At what point in time will it be reported that this is now a “housing crash” not just a further decline in prices.
    If prices are falling faster than the last housing crash in the 90’s which has been reported all day today.
    Then by definition, this must be a “HOUSING CRASH”.
    Any bets on which media will call a spade a spade, first?

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  • mark wadsworth says:

    I prefer the phrase “since records began” to “for fifty years”.

    Pretty soon we’ll get used to “in living memory” and “ever” to describe the speed at which prices are falling.

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  • ThisIsMoney has been consistently bearish over the years. I’d go for them – they are part of the Daily Wail stable, the Daily Wail itself, or the Daily Express.

    We are still only back to where we were about two years ago, so prices have got much much further to fall. Describing it as a crash would suggest that we will soon be at buying opportunity stage, but we are nowhere near that yet.

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  • Interesting comparison to the BBC version of the same story:-

    ‘Average UK house prices remained 2% higher than two years ago, more than 10% higher than in June 2005 and almost 40% above that in June 2003.’

    ‘Strong employment levels and low interest rates meant that housing values retained firm foundations despite recent price falls.’

    With the icing on the cake being:-

    “A strong labour market, low interest rates and a shortage of new houses underpin housing valuations,”

    Nice to get the story opposite ends of the spectrum.

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  • The average person is treated like an idiot in the way that the data is presented to him/her. It’s all a bit sad really.

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  • Planning4acrash says:

    Oh, they say no interest rates till 2009, knowing that average Joe won’t remember who said it back then. This is beyond the realms of accountability, so they say what they want. IR’s could be at 35% by then if they decide to deal with the inflation to come.

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